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Using formulas, compute the amount of the unit cost difference that is traceable to each of the variances computed above. Materials: Quantity variance Price variance Labor: Efficiency variance Rate variance Variable overhead: Efficiency variance Rate variance Excess of actual over standard cost per unit Standard Cost Variance Analysis - Direct Materials Standard Quantity Allowed for Actual Output at Standard Price $89,100 Actual Quantity of Input, at Standard Price $111,375 Actual Quantity of Input, at Actual Price $109,350 Materials quantity variance $22,275 Unfavorable Materials price variance $2,025 Favorable Standard Cost Variance Analysis - Direct Labor Standard Hours Allowed for Actual Output at Standard Rate Actual Hours of Input, at Standard Rate Actual Hours of Input, at Actual Rate Labor efficiency variance Labor rate variance Standard Cost Variance Analysis - Variable Manufacturing Overhead Standard Hours Allowed for Actual Output at Standard Rate $145,800 $121,500 $148,500 $24,300 Favorable $27,000 Unfavorable Actual Hours of Input, at Standard Rate Actual Hours of Input, at Actual Rate Variable overhead efficiency variance Variable overhead rate variance $56,700 $47,250 $47,925 $9,450 Favorable $675 Unfavorable

Using formulas, compute the amount of the unit cost difference that is traceable to each of the variances computed above. Materials: Quantity variance Price variance Labor: Efficiency variance Rate variance Variable overhead: Efficiency variance Rate variance Excess of actual over standard cost per unit Standard Cost Variance Analysis - Direct Materials Standard Quantity Allowed for Actual Output at Standard Price $89,100 Actual Quantity of Input, at Standard Price $111,375 Actual Quantity of Input, at Actual Price $109,350 Materials quantity variance $22,275 Unfavorable Materials price variance $2,025 Favorable Standard Cost Variance Analysis - Direct Labor Standard Hours Allowed for Actual Output at Standard Rate Actual Hours of Input, at Standard Rate Actual Hours of Input, at Actual Rate Labor efficiency variance Labor rate variance Standard Cost Variance Analysis - Variable Manufacturing Overhead Standard Hours Allowed for Actual Output at Standard Rate $145,800 $121,500 $148,500 $24,300 Favorable $27,000 Unfavorable Actual Hours of Input, at Standard Rate Actual Hours of Input, at Actual Rate Variable overhead efficiency variance Variable overhead rate variance $56,700 $47,250 $47,925 $9,450 Favorable $675 Unfavorable

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Using formulas, compute the amount of the unit cost difference that is traceable to each of the variances computed above. Materials: Quantity variance Price variance Labor: Efficiency variance Rate variance Variable overhead: Efficiency variance Rate variance Excess of actual over standard cost per unit
Transcribed Image Text:Using formulas, compute the amount of the unit cost difference that is traceable to each of the variances computed above. Materials: Quantity variance Price variance Labor: Efficiency variance Rate variance Variable overhead: Efficiency variance Rate variance Excess of actual over standard cost per unit
Standard Cost Variance Analysis - Direct Materials Standard Quantity Allowed for Actual Output at Standard Price $89,100 Actual Quantity of Input, at Standard Price $111,375 Actual Quantity of Input, at Actual Price $109,350 Materials quantity variance $22,275 Unfavorable Materials price variance $2,025 Favorable Standard Cost Variance Analysis - Direct Labor Standard Hours Allowed for Actual Output at Standard Rate Actual Hours of Input, at Standard Rate Actual Hours of Input, at Actual Rate Labor efficiency variance Labor rate variance Standard Cost Variance Analysis - Variable Manufacturing Overhead Standard Hours Allowed for Actual Output at Standard Rate $145,800 $121,500 $148,500 $24,300 Favorable $27,000 Unfavorable Actual Hours of Input, at Standard Rate Actual Hours of Input, at Actual Rate Variable overhead efficiency variance Variable overhead rate variance $56,700 $47,250 $47,925 $9,450 Favorable $675 Unfavorable
Transcribed Image Text:Standard Cost Variance Analysis - Direct Materials Standard Quantity Allowed for Actual Output at Standard Price $89,100 Actual Quantity of Input, at Standard Price $111,375 Actual Quantity of Input, at Actual Price $109,350 Materials quantity variance $22,275 Unfavorable Materials price variance $2,025 Favorable Standard Cost Variance Analysis - Direct Labor Standard Hours Allowed for Actual Output at Standard Rate Actual Hours of Input, at Standard Rate Actual Hours of Input, at Actual Rate Labor efficiency variance Labor rate variance Standard Cost Variance Analysis - Variable Manufacturing Overhead Standard Hours Allowed for Actual Output at Standard Rate $145,800 $121,500 $148,500 $24,300 Favorable $27,000 Unfavorable Actual Hours of Input, at Standard Rate Actual Hours of Input, at Actual Rate Variable overhead efficiency variance Variable overhead rate variance $56,700 $47,250 $47,925 $9,450 Favorable $675 Unfavorable
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