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Sana Rosa Furniture Company manufactures designer home furniture. Sana Rosa uses a standard cost system. The direct labor, direct materials, and factory overhead standards for an unfinished dining room table are as follows: Direct labor: standard rate $19.00 per hr. standard time per unit 2.50 hrs. $10.00 per bd. ft. Direct materials (oak): standard price standard quantity 19 bd. ft. standard rate $3.20 per direct labor hr. Variable factory overhead: Fixed factory overhead: standard rate $0.80 per direct labor hr. a. Determine the standard cost per dining room table. If required, round your answer to two decimal places. $ per dining room table . Using this principle, cost b. A standard cost system provides Rosa Furniture management a cost control tool using the principle of deviations from standards can be investigated and corrected. Direct Materials and Direct Labor Variances At the beginning of June, Kimber Toy Company budgeted 16,000 toy action figures to be manufactured in June at standard direct materials and direct labor costs as follows: Direct materials $16,000 15,680 Direct labor Total $31,680 The standard materials price is $0.40 per pound. The standard direct labor rate is $14.00 per hour. At the end of June, the actual direct materials and direct labor costs were as follows: Actual direct materials Actual direct labor $14,500 14,200 Total $28,700 There were no direct materials price or direct labor rate variances for June. In addition, assume no changes in the direct materials inventory balances in June. Kimber Toy Company actually produced 14,100 units during June. Determine the direct materials quantity and direct labor time variances. Round your per unit computations to two decimal places, if required. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Direct materials quantity variance Direct labor time variance Factory Overhead Cost Variances The following data relate to factory overhead cost for the production of 3,000 computers: Actual: Variable factory overhead Fixed factory overhead 3,000 hrs. at $20 $46,600 20,000 60,000 Standard: If productive capacity of 100% was 5,000 hours and the total factory overhead cost budgeted at the level of 3,000 standard hours was $68,000, determine the variable factory overhead controllable variance, fixed factory overhead volume variance, and total factory overhead cost variance. The fixed factory overhead rate was $4 per hour. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Variance Amount Favorable/Unfavorable Variable factory overhead controllable variance Fixed factory overhead volume variance Total factory overhead cost variance
