Chapter 23 - Homework eBook 1. EX.23.01.ALGO Direct Materials, Direct Labor, and Factory Overhead Cost Variance Analysis Santiago 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 74,000 units of product were as follows: 2. EX.23.02.ALGO Standard Costs Actual Costs 3. EX.23.04.ALGO Direct materials 222,000 lbs. at $6.00 per lb 219,800 lbs. at $5.80 per lb. Direct labor 18,500 hrs. at $17.60 per hr. 18,930 hrs. at $18.00 per hr. 4. EX.23.07.ALGO Rates per direct labor hr., based on 100% of normal 5. EX.23.08.ALGO Factory overhead capacity of 19,310 direct labor hrs.: Variable cost, $3.40 $62,270 variable cost 6. PR.23.02A.ALGO Fixed cost, $5.40 $104,274 fixed cost 7. PR.23.03A.ALGO Each unit requires 0.25 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. Direct Materials Price Variance Direct Materials Quantity Variance Total Direct Materials Cost Variance b. Determine the direct labor rate variance, direct labor time variance, and total direct labor cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Direct Labor Rate Variance Direct Labor Time Variance Total Direct Labor Cost Variance c. Determine the variable factory overhead controllable variance, fixed factory overhead volume variance, and total factory overhead cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Variable factory overhead controllable variance Fixed factory overhead volume variance Total factory overhead cost variance Check My Work 3 more Check My Work uses remaining. Previous Progress: 7/7 items Assignment Score: 0.0% Save and Exit Submit Assignment for Grading