The records of Heritage Home Supplies show the following for July: Standard direct labor-hours allowed per unit of output Standard variable overhead rate per standard direct labor-hour Good units produced Actual direct labor-hours worked Actual total direct labor cost Direct labor efficiency variance Actual variable overhead 4 $ 34 3,600 13,925 $ 510,200 $ 17,670 F $ 473,450 Required: Compute the direct labor and variable overhead price and efficiency variances. Note: Do not round intermediate calculations. Indicate the effect of each varlance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option. Direct labor: Price variance Efficiency variance Variable overhead: F $ 17,670 F Price variance Efficiency variance °

The records of Heritage Home Supplies show the following for July: Standard direct labor-hours allowed per unit of output Standard variable overhead rate per standard direct labor-hour Good units produced Actual direct labor-hours worked Actual total direct labor cost Direct labor efficiency variance Actual variable overhead 4 $ 34 3,600 13,925 $ 510,200 $ 17,670 F $ 473,450 Required: Compute the direct labor and variable overhead price and efficiency variances. Note: Do not round intermediate calculations. Indicate the effect of each varlance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option. Direct labor: Price variance Efficiency variance Variable overhead: F $ 17,670 F Price variance Efficiency variance °

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter10: Standard Costing And Variance Analysis

Section: Chapter Questions

Problem 58E: At the beginning of the year, Lopez Company had the following standard cost sheet for one of its...

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