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Mastery Problem: Manufacturing Cost Variance (Actual Costs Compared to Standard Costs) Manufacturing cost variances may come from material costs that are higher or lower than expected, material usage that is not what was expected, higher or lower labor costs than expected, or more or less time spent to produce an item than expected. Overhead cost and volume variances are another cause for costs to be higher or lower than what was expected. The total manufacturing variance can be broken down by cost type (materials, labor, overhead) and further by cost variances within cost types and usage or efficiency variances within cost types:7 Direct Materials Price Variance Direct Materials Cost Variance Direct Materials Quantity Variance 7 Direct Labor Rate Variance Total Manufacturing Direct Labor Cost Cost Variance -> Variance Direct Labor Time Variance y 7 Variable Factory Overhead Controllable Variance Factory Overhead Cost Variance Fixed Factory Overhead Volume VarianceManufacturing cost variances are determined using a standard costing system. Standard costs are costs that should be incurred under efficient operating conditions. Standard costing is most suited to organizations, where activities consist of common or repetitive operations and the direct costs required to produce each item are defined. In a standard costing system, it is important to understand that costs are compared to budget based on a flexible budget rather than a fixed budget. Flexible budgets use costs and production volume. This means that the actual costs in the period are compared to the number of units produced in the period at the standard cost. If actual costs are greater than standard costs, the variance is , alternatively, if actual costs are less than standard costs, the variance is Direct Materials Cost Variance Calculating Direct Materials Cost Variance, you can see that the actual costs are than standard and the actual quantity purchased and used is than standard. The two variances are combined for a total direct material cost variance of $ Direct Labor Cost Variance Calculating Direct Labor Cost Variance, you can see that the actual costs are than standard and the actual hours are than standard. The two variances are combined for a total direct labor cost variance of $The standard cost sheet for a product is shown. Standard Cost Manufacturing Costs Standard price Standard Quantity per unit Direct materials $4.40 per pound 5.80 pounds $ 25.52 Direct labor $11.57 per hour 2.30 hours $ 26.61 Overhead $2.00 per hour 2.30 hours 4.60 $ 56.73 The company produced 3,000 units that required: . 17,900 pounds of material purchased at $4.25 per pound . 6,830 hours of labor at an hourly rate of $11.97 per hour . Actual overhead in the period was $14,170 Fill in the Budget Performance Report for the period. Some amounts are provided. Round your answers to the nearest dollar. However, do not round your intermediate calculations. Budget Performance Report Variance Manufacturing Costs: Actual Standard (Favorable)/ 3,000 units Costs Costs Unfavorable Direct materials $76,075 $ Direct labor 79,833 Overhead 14,170 $1,807Split the direct materials cost variance into the materials price varaince and the Direct materials quantity variance. Remember that you want to isolate the price variance from the quantity variance so be sure to use factors that do not overlap. Also remember that the two variances should equal the total direct material cost variance. Direct materials price variance: Direct materials quantity variance: (Actual price - Standard price) x (Actual quantity - Standard quantity) x quantity price Split the direct labor cost variance into the direct labor rate variance and the direct labor time variance. Remember that you want to isolate the price variance from the efficiency variance so be sure to use factors that do not overlap. Also remember that the two variances should equal the total direct labor cost variance. Direct labor rate variance: Direct labor time variance: (Actual rate - Standard rate) x (Actual hours - Standard hours) x hours labor rate Manufacturing variances are period costs that are rolled into and reported on the . A favorable variance is recorded as a and an unfavorable variance is recorded as a