1.What is the labor rate variance ( indicate the effect of each variance by selecting "f" for favorable, U for unfavorable, and None for no effect and round your final answer to the nearest whole number) 2. What is the variable overhead efficiency variance ? ( indicate the effect of each variance by selecting "f" for favorable, U for unfavorable, and None for no effect and round your final answer to the nearest whole number) 3. what is the variable overhead rate variance? Required informationAB1Chapter 10: Applying ExcelData4Exhibit 10-1: Standard Cost CardInputsStandard QuantityStandard Price6.Direct materials3.0 pounds%244.00 per pound0.50 hours22.00 per hour7Direct labor0.50 hours6.00 per hour8.Variable manufacturing overhead10 Actual results:1,910 units11Actual output5,929.5012Actual variable manufacturing overhead costActual QuantityActual price135,675 pounds4.30 per pound14Actual direct materials cost22.20 per hour1,005 hours15Actual direct labor costNext< Prevof 2............. ........ N S(DELL%24%24%24%24%243.

Solution 1: Labor rate variance = (SR - AR) * AH = ($22 - $22.20) *1005 = $201 U

3 Data 4 Exhibit 10-1: Standard Cost Card Inputs Standard Quantity Standard Price Direct materials 3.0 pounds 2$ 4.00 per pound 0.50 hours 2$ 22.00 per hour Direct labor 0.50 hours 2$ 6.00 per hour 8. Variable manufacturing overhead 10 Actual results: 1,910 units 11 Actual output 2$ 5,929.50 12 Actual variable manufacturing overhead cost Actual Quantity Actual price 13 5,675 pounds $ 4.30 per pound 14 Actual direct materials cost 2$ 22.20 per hour 1,005 hours 15 Actual direct labor cost

3 Data 4 Exhibit 10-1: Standard Cost Card Inputs Standard Quantity Standard Price Direct materials 3.0 pounds 2$ 4.00 per pound 0.50 hours 2$ 22.00 per hour Direct labor 0.50 hours 2$ 6.00 per hour 8. Variable manufacturing overhead 10 Actual results: 1,910 units 11 Actual output 2$ 5,929.50 12 Actual variable manufacturing overhead cost Actual Quantity Actual price 13 5,675 pounds $ 4.30 per pound 14 Actual direct materials cost 2$ 22.20 per hour 1,005 hours 15 Actual direct labor cost

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter6: Activity-based, Variable, And Absorption Costing

Section: Chapter Questions

Problem 5PB: Wrappers Tape makes two products: Simple and Removable. It estimates it will produce 369,991 units...

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