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Direct manufacturing labor and direct materials variances, missing data. (CMA, heavily adapted) Morro Bay Surfboards manufactures fiberglass surfboards. The standard cost of direct materials and direct manufacturing labor is $225 per board. This includes 30 pounds of direct materials, at the budgeted price of $3 per pound, and 9 hours of direct manufacturing labor, at the budgeted rate of $15 per hour. Following are additional data for the month of July: There were no beginning inventories. Units completed 5,500 units Direct material purchases 190,000 pounds Cost of direct material purchases $579,500 Actual direct manufacturing labor-hours 49,000 hours Actual direct labor cost $739,900 Direct materials efficiency variance $ 1,500 F Direct materials (3 lb. at $5 per lb.) $15.00 Direct manufacturing labor (1/2 hour at $20 per hour) 10.00 Manufacturing overhead (75% of direct manufacturing labor costs) ƒƒ7.50 $32.50 Debit Credit Revenues $125,000 Accounts payable control (for May’s purchases of direct materials) 68,250 Direct materials price variance $3,250 Direct materials efficiency variance 2,500 Direct manufacturing labor price variance 1,900 Direct manufacturing labor efficiency variance 2,000 The following data were obtained from Bovar’s records for the month of May: Actual production in May was 4,000 units of Dandy, and actual sales in May were 2,500 units. The amount shown for direct materials price variance applies to materials purchased during May. There was no beginning inventory of materials on May 1, 2012. 1. Compute direct manufacturing labor variances for July. Required 2. Compute the actual pounds of direct materials used in production in July. 3. Calculate the actual price per pound of direct m
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