What was the direct materials price variance for march


Castle Company produces throw blankets  that are popular holiday gifts.  Standard variable costs relating to a single  blanket are given below


Standard Quantity  or Hours

Standard Price or  Rate

Standard  Cost

Direct  materials

2.62 yards

$5 per yard

$?

Direct  labor

1.35 DLH

$6.80 per DLH

$?

Variable  manufacturing overhead

1.35 DLH

$2 per direct  labor-hour

$?

Total standard  cost



$?

Overhead is  applied to production on the basis of direct labor hours.  During March, 924  blankets were manufactured and sold.   

Selected  information related to the month's production is given below:


Materials  Used

Direct  Labor

Variable  Manufacturing Overhead

Actual costs  incurred

$11,500

$8,408

$3,100

Direct materials  price variance

?



Actual

2,620 yards

1400 hours


Direct materials  quantity variance

$1,000 U



Direct labor rate  variance


?


Direct labor  efficiency variance


?


Variable overhead  rate variance



?

Variable overhead  efficiency variance



?

*For this month's  production of 924 blankets

Submit an Excel  document with each tab labeled by item number in good form that demonstrates the  following through your calculations:

1.What is the  standard cost of a single blanket?

2.What was the  actual cost per blanket produced during March?

3.What was the  direct materials price variance for March?

4.What was the  direct labor rate variance for March?  The direct labor efficiency variance?

5.What was the  variable overhead rate variance for March?  The variable overhead efficiency  variance?

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Accounting Basics: What was the direct materials price variance for march
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