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The University Of Texas At Austin Operations And Supply Chain Management Assignment Help - Shults Company

Question - At the beginning of the year, Shults Company had the following standard cost sheet for one of its plastic products: Direct materials (5 lbs. @ $4.00) $20.00 Direct labor (2 hrs. @ $11.25) 22.50 Standard prime cost per unit $42.50 The actual results for the year are as follows: a. Units produced: 175,000. b. Materials purchased: 930,000 pounds @ $4.10. c. Materials used: 925,000 pounds. d. Direct labor: 362,500 hours @ $11.15. Required: 1. Compute price and usage variances for materials. 2. Compute the labor rate and labor efficiency variances.

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