Adamantane Inc. processes a base chemical into plastic. Standard costs and actual costs for direct materials, direct labor, and factory overhead incurred for the manufacture of 15,000 units of product were as follows:

Standard Costs Actual Costs

Direct materials 5,000 lbs. at $50.00

4,950 lbs. at $50.60

Direct labor

3,000 hrs. at $25.00

2,945 hrs. at $25.60

Factory overhead

Rates per direct labor hr., based on 100% of normal capacity of 3,200 direct labor hrs.:

Variable cost, $5.50 $16,680 variable cost

Fixed cost, $4.00 $12,800 fixed cost

Each unit requires 0.2 hour of direct labor.

Required:

a. Determine the direct materials price variance, direct materials quantity variance, and total direct materials cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Price variance $ Favorable Quantity variance $ Unfavorable Total direct materials cost variance $ Favorable b. Determine the direct labor rate variance, direct labor time variance, and total direct labor cost variance.

Fill in the blanks only please

14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 48 49 50 51 53 55 56 57 Excel File Edit View Insert Format Tools Data Window Help S to A 4 4) Sat Jun 17 6:50:27 AM E WRD 26e PR 23-3A...xlsx Sheets Charts SmartArt Graphics WordArt AAC AD Direct Materials Cost Variance Price variance: $50.60 Actual price Standard price 50.00 $0.60 Variance Actual quantity 4950 2,970 unfavorable Direct material price variance Quantity variance Actual quantity 4,950 Standard quantity 5.000 Variance Standard price $50.00 favorable Direct material price variance Total direct materials cost variance Direct Labor Cost Vari Rate variance: Actual rate per hour $25.60 Standard rate per hour 26.00 Variance S0.60 Actual hours. 2,945 1,767 unfavorable Direct labor rate Time variance Actual direct labor hours 2,945 Standard direct labor hours 3.000 Variance Standard rate per hour Direct labor time variance favorable Es 92 unfavorable Total direct labor oost vari Factory overhead Cost Variance Alternative Com of Overhead Variances Variable factory overhead controllable variance Actual variable FO cost incurred 6,680 Budgeted variable Fo cost for 3,000 hra. plied costs Actual costs Fixed factory overhead volume variance: Hours at normal capacity 3,200