Direct Materials, Direct Labor, and Factory Overhead Cost Variance AnalysisMackinaw Inc. processes a base chemical into plastic. Standard costs and actual costs for direct materials, direct labor, and factory overhead incurred for the manufacture of 74,000 units of product were as follows: Standard CostsActual CostsDirect materials199,800 lbs. at $5.00197,800 Ibs. at $4.90Direct labor18,500 hrs. at $17.7018,930 hrs. at $18.00Factory overheadRates per direct labor hr.,based on 100% of normalcapacity of 19,310 directlabor hrs.:Variable cost, $2.90$53,110 variable costFixed cost, $4.60$88,826 fixed costEach unit requires 0.25 hour of direct labor.Required:a. Determine the direct materials price variance, direct materials quantity variance, and total direct materials cost variance. Enter a favorable variance as a negative numberusing a minus sign and an unfavorable variance as a positive number.Direct Material Price VarianceDirect Materials Quantity Variance$4Total Direct Materials Cost Varianceb. Determine the direct labor rate variance, direct labor time variance, and total direct labor cost variance. Enter a favorable variance as a negative number using a minus signand an unfavorable variance as a positive number.Direct Labor Rate VarianceDirect Labor Time VarianceTotal Direct Labor Cost Variancec. Determine variable factory overhead controllable variance, the fixed factory overhead volume variance, and total factory overhead cost variance. Enter a favorable variance asa negative number using a minus sign and an unfavorable variance as a positive number.Variable factory overhead controllable varianceFixed factory overhead volume varianceTotal factory overhead cost variance

Name: Direct Materials, Direct Labor, and Factory Overhead Cost Variance Ana
Uploaded: 2024-03-20T06:33:06.000Z
Channel: Bartleby
Description: Direct Materials, Direct Labor, and Factory Overhead Cost Variance AnalysisMackinaw Inc. processes a base chemical into plastic. Standard costs and actual costs for direct materials, direct labor, and factory overhead incurred for the manufacture of