The following data were drawn from the records of Adams Corporation. Planned volume for year (static...

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The following data were drawn from the records of Adams Corporation. Planned volume for year (static budget) Standard direct materials cost per unit Standard direct labor cost per unit 5,000 units 4.00 pounds @ $1.70 per pound 2.80 hours @ $5.00 per hour 5,200units Total expected fixed overhead costs $ 25,500 Actual volume for the year (flexible budget) Actual direct materials cost per unit $ 21,100 3.50 pounds @ $2.30 per pound 3.10 hours @ $4.50 per hour Actual direct labor cost per unit Total actual fixed overhead costs Required a. Prepare a materials variance information table showing the standard price, the actual price, the standard quantity, and the actual quantity. b. Calculate the materials price and usage variances. Indicate whether the variances are favorable (F) or unfavorable (U). c. Prepare a labor variance information table showing the standard price, the actual price, the standard hours, and the actual hours. d. Calculate the labor price and usage variances. Indicate whether the variances are favorable (F) or unfavorable (U). e. Calculate the predetermined overhead rate, assuming that Adams uses the number of units as the allocation base. f. Calculate the fixed cost spending variance. Indicate whether the variance is favorable (F) or unfavorable (U). g. Calculate the fixed cost volume variance. Indicate whether the variance is favorable (F) or unfavorable (U). The following data were drawn from the records of Adams Corporation. Planned volume for year (static budget) Standard direct materials cost per unit Standard direct labor cost per unit 5,000 units 4.00 pounds @ $1.70 per pound 2.80 hours @ $5.00 per hour 5,200units Total expected fixed overhead costs $ 25,500 Actual volume for the year (flexible budget) Actual direct materials cost per unit $ 21,100 3.50 pounds @ $2.30 per pound 3.10 hours @ $4.50 per hour Actual direct labor cost per unit Total actual fixed overhead costs Required a. Prepare a materials variance information table showing the standard price, the actual price, the standard quantity, and the actual quantity. b. Calculate the materials price and usage variances. Indicate whether the variances are favorable (F) or unfavorable (U). c. Prepare a labor variance information table showing the standard price, the actual price, the standard hours, and the actual hours. d. Calculate the labor price and usage variances. Indicate whether the variances are favorable (F) or unfavorable (U). e. Calculate the predetermined overhead rate, assuming that Adams uses the number of units as the allocation base. f. Calculate the fixed cost spending variance. Indicate whether the variance is favorable (F) or unfavorable (U). g. Calculate the fixed cost volume variance. Indicate whether the variance is favorable (F) or unfavorable (U).

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a Materials Variance Information Table Standard Actual Price per pound 170 230 Quantity per unit 400 ... View the full answer