None The following information relates to the current period:Standard costs (per unit of output)Direct materials, 7 gallons @ $4.00 per gallon.Direct labor, 5.00 hours @ $34.00 per hourFactory overheadVariable (38% of direct labor cost)Total standard cost per unitActual costs and activities for the month follow:Materials usedOutputActual labor costsActual variable overheadRequired:$ 2817051$24915,520 gallons at $1.88 per gallon. 2,160 units6,000 hours at $40.80 per hour$62,500Prepare a cost variance analysis for the variable costs. (Enter your final answers as a whole number. Do not round intermediatecalculations. Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do notselect either option.)Direct materials:Price varianceEfficiency varianceDirect materials cost varianceDirect laborPrice varianceEfficiency varianceDirect labor cost varianceVariable overheadPrice varianceEfficiency variance

Variance Analysis : Analysis of a difference between planned and actual behavior. After analyzing…

The following information relates to the current period: Standard costs (per unit of output) Direct materials, 7 gallons @ $4.00 per gallon Direct labor, 5.00 hours @ $34.00 per hour Factory overhead Variable (30% of direct labor cost) Total standard cost per unit Actual costs and activities for the month follow: $ 28 170 51 $249 15,520 gallons at $1.88 per gallon 2,160 units Materials used Output Actual labor costs 6,000 hours at $40.80 per hour Actual variable overhead $62,500 Required: Prepare a cost variance analysis for the variable costs. (Enter your final answers as a whole number. Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option.) Direct materials: Price variance Efficiency variance Direct materials cost variance Direct labor Price variance Efficiency variance Direct labor cost variance Variable overhead Price variance Efficiency variance

The following information relates to the current period: Standard costs (per unit of output) Direct materials, 7 gallons @ $4.00 per gallon Direct labor, 5.00 hours @ $34.00 per hour Factory overhead Variable (30% of direct labor cost) Total standard cost per unit Actual costs and activities for the month follow: $ 28 170 51 $249 15,520 gallons at $1.88 per gallon 2,160 units Materials used Output Actual labor costs 6,000 hours at $40.80 per hour Actual variable overhead $62,500 Required: Prepare a cost variance analysis for the variable costs. (Enter your final answers as a whole number. Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option.) Direct materials: Price variance Efficiency variance Direct materials cost variance Direct labor Price variance Efficiency variance Direct labor cost variance Variable overhead Price variance Efficiency variance

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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