Question Details

Fairfield Co. collected the following information 



1.Fairfield Co. collected the following information about its production activities for the current year.
a. Compute the direct materials price and quantity variances and indicate whether each is favorable or
unfavorable.
b. Prepare the journal entry to record the issuance of direct materials into production.
Actual costs and quantities:
Direct materials used 95,000 lbs. @ $6.30 per lb.
Units completed during the year, 50,000 units
Standard costs and quantities:
Price per lb. of direct material, $6.05
Two lbs. of direct material per unit


2.Falcon Company's output for a period was assigned the standard direct labor cost of $17,160. If the
company had a favorable direct labor rate variance of $1,000 and an unfavorable direct labor efficiency
variance of $275, what was the total actual cost of direct labor incurred during the period?




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