7x S11-6 (similar to) Question Help Racer Oil performs oil changes. The standard wage rate for oil change technicians is $11 per hour. By analyzing its past records of time spent on oil changes, the company has developed a standard of 21 minutes (or 0.35 hours) per oil change. In July, 1,700 oil changes were performed at Racer Oil. Oil change technicians worked a total of 275 direct labor hours at an average rate of $16 per hour. Read the requirements. Requirement 1. Calculate the direct labor rate variance. Determine the formula for the rate variance, then compute the rate variance for the direct labor. (Enter the result as a positive number. Label the variance as favorable (F) or unfavorable (U). Enter the currency amount in the formula to the nearest cent, then round the final variance amount to the nearest whole dollar. Abbreviations used: DL = Direct labor.) ) = DL rate variance Sillk Industries produced 3,500 tables last month. Requirements The standard variable manufacturing overhead 1. Calculate the variable overhead rate variance. (MOH) rate used by the company is $16 per machine 2. Calculate the variable overhead efficiency hour. Each table requires 0.2 machine hours. Actual variance. machine hours used last month were 730, and the actual variable MOH rate last month was $16.50. Requirement 1. Calculate the variable overhead rate variance. Begin by determining the formula for the variable overhead rate variance, then compute the variable overhead rate variance. (Enter the variance as a positive number. Enter amounts in the formula to the nearest cent and then the final variance amount to the nearest whole dollar. Label the variance as favorable (F) or unfavorable (U).) Variable overhead rate variance ) = Requirement 1. Calculate the variable overhead rate variance. Begin by determining the formula for the variable overhead rate variance, then compute the variable overhead rate variance. (Enter the variance as a positive number. Enter amounts in the formula to the nearest cent and then the final variance amount to the nearest whole dollar. Label the variance as favorable (F) or unfavorable (U).) Variable overhead |) = rate variance Actual hours Actual rate Actual quantity purchased Standard hours allowed Standard rate Variable overhead rate variance 2) = Actual hours Actual rate Actual quantity purchased Standard hours allowed Standard rate Variable overhead rate variance ) = Actual hours Actual rate Actual quantity purchased Standard hours allowed Standard rate Variable overhead rate variance = Tic E11-22A (similar to) Question Help The Curly Restaurant Group manufactures the bags of frozen French fries used at its franchised restaurants. Last week, Curly's purchased and used 104,000 pounds of potatoes at a price of $0.85 per pound. During the week, 2,400 direct labor hours were incurred in the plant at a rate of $12.25 per hour. The standard price per pound of potatoes is $0.95, and the standard direct labor rate is $12.05 per hour. Standards indicate that for the number of bags of frozen fries produced, the factory should have used 100,000 pounds of potatoes and 2,100 hours of direct labor. Read the requirements Requirement 1. Determine the direct material price and quantity variances. Be sure to label each variance as favorable or unfavorable. (Enter the variances as positive numbers. Enter currency amounts to the nearest cent and your answers to the nearest whole dollar. Label the variances as favorable (F) or unfavorable (U). Abbreviations used: DM = Direct materials.) Begin by determining the formula for the price variance, then compute the price variance for direct materials. ) = DM price variance i Requirements 1. Determine the direct material price and quantity variances. Be sure to label each variance as favorable or unfavorable. 2. Think of a plausible explanation for the variances found in Requirement 1. 3. Determine the direct labor rate and efficiency variances. Be sure to label each variance as favorable or unfavorable. 4. Could the explanation for the labor variances be tied to the material variances? Explain. Begin by determining the formula for the price variance, then compute the price variance for direct materials. DM price variance Actual hours Actual price Actual quantity purchased Standard hours allowed Standard price Standard quantity allowed Begin by determining the formula for the price variance, then compute the price variance for direct materials. DM price J) = variance x Actual hours Actual price Actual quantity purchased Standard hours allowed Standard price Standard quantity allowed Begin by determining the formula for the price variance, then compute the price variance for direct materials. DM price variance Actual hours Actual price Actual quantity purchased Standard hours allowed Standard price Standard quantity allowed Begin by determining the formula for the price variance, then compute the price variance for direct materials. = DM price variance