1.What is the labor rate variance ( indicate the effect of each variance by selecting "f" for favorable, U for unfavorable, and None for no effect and round your final answer to the nearest whole number) 2. What is the variable overhead efficiency variance ? ( indicate the effect of each variance by selecting "f" for favorable, U for unfavorable, and None for no effect and round your final answer to the nearest whole number) 3. what is the variable overhead rate variance? Required informationAB1Chapter 10: Applying ExcelData4Exhibit 10-1: Standard Cost CardInputsStandard QuantityStandard Price6.Direct materials3.0 pounds%244.00 per pound0.50 hours22.00 per hour7Direct labor0.50 hours6.00 per hour8.Variable manufacturing overhead10 Actual results:1,910 units11Actual output5,929.5012Actual variable manufacturing overhead costActual QuantityActual price135,675 pounds4.30 per pound14Actual direct materials cost22.20 per hour1,005 hours15Actual direct labor costNext< Prevof 2............. ........ N S(DELL%24%24%24%24%243.

Solution 1: Labor rate variance = (SR - AR) * AH = ($22 - $22.20) *1005 = $201 U

Answered: 3 Data 4 Exhibit 10-1: Standard Cost…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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1.What is the labor rate variance ( indicate the effect of each variance by selecting "f" for favorable, U for unfavorable, and None for no effect and round your final answer to the nearest whole number)

2. What is the variable overhead efficiency variance ? ( indicate the effect of each variance by selecting "f" for favorable, U for unfavorable, and None for no effect and round your final answer to the nearest whole number)

3. what is the variable overhead rate variance?

Required information
A
B
1
Chapter 10: Applying Excel
Data
4
Exhibit 10-1: Standard Cost Card
Inputs
Standard Quantity
Standard Price
6.
Direct materials
3.0 pounds
%24
4.00 per pound
0.50 hours
22.00 per hour
7
Direct labor
0.50 hours
6.00 per hour
8.
Variable manufacturing overhead
10 Actual results:
1,910 units
11
Actual output
5,929.50
12
Actual variable manufacturing overhead cost
Actual Quantity
Actual price
13
5,675 pounds
4.30 per pound
14
Actual direct materials cost
22.20 per hour
1,005 hours
15
Actual direct labor cost
Next
< Prev
of 2
............. ..
...... N S
(DELL
%24
%24
%24
%24
%24
3.

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