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
Chapter5: Process Costing
Section: Chapter Questions
Problem 2PB: The following product costs are available for Kellee Company on the production of eyeglass frames:...
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