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Use the following to answer questions 22-25: Cole laboratories

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Use the following to answer questions 22-25:

Cole laboratories makes and sells a lawn fertilizer called Fastgro. The company has developed standard costs for one bag of Fastgro as follows:
Standard
Standard Quantity Cost per Bag
Direct material 20 pounds \$8.00
Direct labor 0.1 hours 1.10
Variable manuf. overhead 0.1 hours .40

The company had no beginning inventories of any kind on Jan. 1. Variable manufacturing overhead is applied to production on the basis of direct labor hours. During January, the following activity was recorded by the company:

Production of Fastgro: 4,000 bags
Direct materials purchased: 85,000 pounds at a cost of \$32,300
Direct labor worked: 390 hours at a cost of \$4,875
Inventory of direct materials on Jan. 31: 3,000 pounds

22. The materials price variance for January is:
A) \$1,640 F.
B) \$1,640 U.
C) \$1,700 F.
D) \$1,300 U.

23. The materials quantity variance for January is:
A) \$800 U.
B) \$300 U.
C) \$300 F.
D) \$750 F.

24. The labor rate variance for January is:
A) \$475 F.
B) \$475 U.
C) \$585 F.
D) \$585 U.

25. The labor efficiency variance for January is:
A) \$475 F.
B) \$350 U.
C) \$130 U.
D) \$110 F.
Submitted: 4 years ago.
Category: Single Problem
Expert:  linda_us replied 4 years ago.
Thanks for requesting me. I am working on it.
Expert:  linda_us replied 4 years ago.
linda_us, Master's Degree
Category: Single Problem
Satisfied Customers: 7290
Experience: A tutor for Business, Finance, Accounts and other related topics.

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