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Cole Laboratories makes and sells a lawn fertilizer called Fastgro. The company has developed standard costs for one bag of Fastgro as follows:
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Standard Quantity
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Standard Cost per bag
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|
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Direct material
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20 pounds
|
$8.00
|
|
Direct labor
|
0.1 hours
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$1.10
|
|
Variable overhead
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0.1 hours
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$0.40
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The company had no beginning inventories of any kind on January 1. Variable overhead is applied to production on the basis of standard direct-labor hours. During January, the company recorded the following activity:
- 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
- Variable overhead incurred: $1,475
- Inventory of direct materials on January 31: 3,000 pounds
The materials price variance for January is
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