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can you please show your work on how you did it Gauci Corporation makes a product with the following standard costs: Direct Materials, standard quantity
can you please show your work on how you did it
Gauci Corporation makes a product with the following standard costs: Direct Materials, standard quantity =7.4 ounces Direct Materials, standard price =$8.00 per ounce Direct Labor, standard hours =0.3 hours Direct Labor, standard rate =$16.00 per hour Variable overhead, standard hours =0.3 hours Variable overhead, standard rate =$7.00 per hour The company reported the following results concerning this product in July. Actual output =2,200 units Raw materials used in production =16.420 ounces Purchases of raw materials =17,900 ounces Actual direct labor-hours =720 hours Actual cost of raw material purchases =$141,410 Actual direct labor cost =$12,528 Actual variable overhead cost $5,112 The company applies variable overhend on the basis of direct labor hours. The direct materials purchases variance is computed when the materials are purchased. Required: a. Compute the materials quantity vriance. b. Compute the materials price variance. c. Compute the labor efficiency variance. d. Compute the labor rate variance. e. Compute the variable overhead efficiency variance. f. Compute the variable overhead rate variance Step by Step Solution
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