Question - Pete's Company produces a single product. The following data apply to the standard cost of materials and labor associated with making the product:
Materials quantity per unit 1 pound
Materials price $ 6.90 per pound
Labor quantity per unit 2 hours
Labor price $ 10.90 per hour
During the year, the company made 2,180 units of product. At the end of the year, the following variances had been calculated.
Materials usage variance $ 1,863 Favorable
Materials price variance $ 191 Unfavorable
Labor usage variance $ 4,251 Unfavorable
Labor price variance $ 3,325 Favorable
Required
1. Determine the actual amount of materials used.
2. Determine the actual price paid per pound for materials. (Round your answer to 2 decimal places.)
3. Determine the actual labor hours used.
4. Determine the actual labor price per hour. (Round your answer to 2 decimal places.)