View Pollcles Current Attempt In Progress Riggins Inc

Last updated: 4/25/2023

View Pollcles Current Attempt In Progress Riggins Inc manufactures one product called tybos The company uses a standard cost system and sells each tybo for 8 At the start of monthly production Riggins estimated 9 500 tybos would be produced In March Riggins has established the following material and labor standards to produce one tybo Direct materials Direct labor 1 2 3 During March 2019 the following activity was recorded by the company relating to the production of tybos The company produced 9 000 units during the month A total of 24 000 pounds of materials were purchased at a cost of 66 000 A total of 24 000 pounds of materials were used in production 5 000 hours of labor were Incurred during the month at a total wage cost of 55 000 4 Standard Quantity 2 5 pounds 0 6 hours 2 Materials Price Varlance Calculate the following varlances for March for Riggins Inc Identify whether the varlance Is favorable or unfavorable b Materials Quantity Varlance c Labor Price Varlance d Labor Quantity Varlance S Standard Price S 3 per pound 10 per hour S