Question
A company has the following actual and standard production measures during the period: Actual units produced 390 Actual materials purchased and used 2,583 lbs Actual
A company has the following actual and standard production measures during the period:
Actual units produced 390
Actual materials purchased and used 2,583 lbs
Actual materials price $9 per lb
Actual labor hours 1430
Actual labor rate $21.4 per hour
Actual variable overhead $ 7,950
Standard materials per unit 6 lbs
Standard materials purchased and used $8.6 per lb
Standard labor hours per unit 3
Standard labor rate $22.5 per hour
Standard variable overhead rate $4.5 per labor hour
a. Calculate the materials price variance. b. Calculate the materials quantity variance. c. Calculate the labor rate variance. d. Calculate the labor time variance. e. Calculate the variable overhead controllable variance
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started