Cost Accounting Homework?

Direct Materials: Cost incurred: actual inputs X actual prices $200,000
Direct Manufacturing Labor: Cost incurred - actual inputs X actual prices $90,000
Direct Materials: Actual inputs X standard prices $214,000
Direct Manufacturing Labor: Actual inputs X standard prices $86,000
Direct Materials: Standard inputs allowed for actual output X standard prices $225,000
Direct Manufacturing Labor: Standard inputs allowed for actual output X standard prices $80,0000

Compute the price variances, efficiency variances and flexible-budget variances for direct materials and direct manufacturing labor. Must show work!

See if this helps

http://futureaccountant.com/standard-cos...

direct labor price variance - A variance arising in a standard costing system that indicates the difference between the standard cost of direct labor for the good output (standard hours times standard rate) and the standard cost of the actual hours of direct labor used (actual hours times standard rate).

direct labor efficiency variance
A variance arising in a standard costing system that indicates the difference between the standard cost of the direct labor that should have been used (standard hours times standard rate) for the good output and the actual hours of direct labor used at its standard rate per hour

flexible budget variance
A budget that flexes with volume. Under a flexible budget the budgeted amount of manufacturing overhead will increase if the company produces more units than planned. The flexible budget will decrease if the company actually produces fewer units than planned.

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