Milton Company uses a standard cost system
Milton Company uses a standard cost system. Standards call for 2 direct labor hours per widget. The standard labor rate is $10 per hour. Four pounds of material are needed for each widget at a standard cost of $2.25 per pound. Milton actually produces 17,000 widgets during the year. Direct labor costs are $359,100 for 34,200 hours. Milton purchased and used 70,000 pounds of materials at $2.50 per pound. For direct labor, what is the efficiency (usage) variance? Answers are labeled as favorable (F) or unfavorable (U).
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