Budget Actual Units produced 10,000 11,050 Materials used in production 400 kg ? Material Costs $ 8,000
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Question:
| Budget | Actual | |
| Units produced | 10,000 | 11,050 |
| Materials used in production | 400 kg | ? |
| Material Costs | $ 8,000 | ? |
| Direct Labour (Hours) | 35,000 hrs | 41,010 hrs |
| Direct Labour Costs | $ 385,000 | $450,951 |
| Variable Overhead Costs | $ 350,000 | $411,441 |
| Fixed Overhead Costs | $ 160,000 | $136,358 |
Other Information
Overhead is Allocated on Direct Labour Hours
During the year, 602 kg of materials were purchased for $12,000
Beginning Direct Material Inventory: none
Ending Direct Material Inventory: 39kg
Required: Calculate the following variances
- Material Rate
- Material Efficiency
- Labour Price
- Labour Efficiency
- Variable Overhead Rate
- Variable Overhead Efficiency
- Fixed Overhead Rate
- Fixed Overhead Production Volume
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