You are provided with the following information. Inputs Direct materials Direct labor Variable manufacturing overhead Actual results: Actual output Actual variable manufacturing overhead cost $ Actual direct materials cost Actual direct labor cost Required: Use the information above to calculate the variances. Note: Use ABS() formula for variances. Actual Quantity 8,050 Actual Hours Actual Hours Actual Quantity 8,050 pounds 1,420 hours Actual Price Actual Rate Standard Quantity 2.9 pounds Actual Rate 0.65 hours 0.65 hours 2,420 units 9,060 S S sss $ $ Standard Price 4.90 per pound 22.30 per hour 6.19 per hour Actual Price 4.30 per pound 21.65 per hour Actual Quantity Actual Hours Direct Materials Actual Hours Direct Labor Variable Overhead Standard Price Standard Rate Standard Rate Standard Quantity Standard Hours Standard Hours Standard Price Standard Rate Standard Rate

You are provided with the following information. Inputs Direct materials Direct labor Variable manufacturing overhead Actual results: Actual output Actual variable manufacturing overhead cost $ Actual direct materials cost Actual direct labor cost Required: Use the information above to calculate the variances. Note: Use ABS() formula for variances. Actual Quantity 8,050 Actual Hours Actual Hours Actual Quantity 8,050 pounds 1,420 hours Actual Price Actual Rate Standard Quantity 2.9 pounds Actual Rate 0.65 hours 0.65 hours 2,420 units 9,060 S S sss $ $ Standard Price 4.90 per pound 22.30 per hour 6.19 per hour Actual Price 4.30 per pound 21.65 per hour Actual Quantity Actual Hours Direct Materials Actual Hours Direct Labor Variable Overhead Standard Price Standard Rate Standard Rate Standard Quantity Standard Hours Standard Hours Standard Price Standard Rate Standard Rate

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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Material and Labor VariancesThe following actual and standard cost data for direct material and direct labor relate to the production of 2,000 units of a product: Actual Costs Standard Costs Direct material 11,700 lbs. @ $5.30 12,000 lbs. @ $5.10 Direct labor 18,600 hrs. @ $8.40 18,000 hrs. @ $8.70 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 a. Materials price Answer Answer b. Materials efficiency Answer Answer Labor Variances Actual cost: Answer Split cost: Answer Standard cost: Answer c. Labor rate Answer Answer d. Labor efficieny Answer Answer
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Required Indicate whether each of the following variances is favorable (F) or unfavorable (U). The first one has been done as an example. Note: Select "None" if there is no effect (1.e., zero variance). Item to Classify Sales volume Sales price Materials cost Materials usage Labor cost Labor usage Fixed cost spending Fixed cost per unit (volume) $ $ $ $ $ Standard 40,100 units 3.61 per unit 3.00 per pound 91,100 pounds 10.10 per hour 61,100 hours 401,000 3.21 per unit $ $ $ $ $ Actual 42,100 units 3.64 per unit 3.10 per pound 90,100 pounds 9.70 per hour 61,900 hours 391,000 3.17 per unit Type of Variance F
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