Assignment:
1) Compute the actual hours worked, rounded to the nearest hour.
2) Compute the actual purchase price per unit of materials, rounded to the nearest penny
Standard direct labor rate $14.00
Actual direct-labor rate $12.20
Standard direct-labor hours 12,000
Direct-labor usage variance-unfavorable $14,140
Standard unit price of material $4.50
Actual quantity purchased and used 1,800
Standard quantity allowed for actual production 1,650
Materials purchase price varieance-favorable $288