The following summarized manufacturing data relate to Thomas Corporation's April operations, during which 2,000 finished units of product were produced. Normal monthly capacity is 1,100 direct labor hours.   Standard Units Costs   Total Actual Costs Direct material             Standard (2 lb. @ $14.00/lb.)     $28     Actual (4,200 lb. @ $14.80/lb.)         $62,160 Direct labor             Standard (0.5 hr. @ $29/hr.)     $14.50     Actual (950 hrs. @ $28/hr.)         26,600 Variable overhead             Standard (0.5 hr. @ $11/hr.)     $5.50     Actual     - 11,450 Total     $48 $100,210   Determine the following variances: Do not use negative signs with any of your answers. Next to each variance answer, select either "F" for Favorable or "U" for Unfavorable. Materials Variances Actual cost: Answer   Split cost: Answer   Standard cost: Answer   Materials price Answer Answer Materials efficiency Answer Answer     Labor Variances Actual cost: Answer   Split cost: Answer   Standard cost: Answer   Labor rate Answer Answer Labor efficiency Answer Answer     Variable Overhead Variances Actual cost: Answer   Split cost: Answer   Standard cost: Answer   Variable overhead spending Answer Answer Variable overhead efficiency Answer Answer

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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The following summarized manufacturing data relate to Thomas Corporation's April operations, during which 2,000 finished units of product were produced. Normal monthly capacity is 1,100 direct labor hours.

  Standard Units Costs   Total Actual Costs
Direct material            
Standard (2 lb. @ $14.00/lb.)     $28    
Actual (4,200 lb. @ $14.80/lb.)         $62,160
Direct labor            
Standard (0.5 hr. @ $29/hr.)     $14.50    
Actual (950 hrs. @ $28/hr.)         26,600
Variable overhead            
Standard (0.5 hr. @ $11/hr.)     $5.50    
Actual     - 11,450
Total     $48 $100,210

 

Determine the following variances:

Do not use negative signs with any of your answers. Next to each variance answer, select either "F" for Favorable or "U" for Unfavorable.

Materials Variances
Actual cost: Answer  
Split cost: Answer  
Standard cost: Answer  
Materials price Answer Answer
Materials efficiency Answer Answer

 

 
Labor Variances
Actual cost: Answer  
Split cost: Answer  
Standard cost: Answer  
Labor rate Answer Answer
Labor efficiency Answer Answer

 

 
Variable Overhead Variances
Actual cost: Answer  
Split cost: Answer  
Standard cost: Answer  
Variable overhead spending Answer Answer
Variable overhead efficiency Answer Answer
 
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