Check my wo Direct materials Direct labor Variable manufacturing overhead Total standard cost per unit Standard Quantity or Hours 4.3 pounds 0.6 hours 0.3 hours Standard Price or Rate $ 2.90 per pound $ 8.40 per hour $ 3.90 per hour Standard Cost $ 12.47 5.04 1.17 $18.68 Based on machine-hours. During June the plant produced 4,000 pools and incurred the following costs. a. Purchased 22,200 pounds of materials at a cost of $3.35 per pound. b. Used 17,000 pounds of materials in production (Finished goods and work in process Inventories are insignificant and can be Ignored.) c. Worked 3,000 direct labor-hours at a cost of $8.10 per hour d. Incurred variable manufacturing overhead cost totaling $6,450 for the month. A total of 1.500 machine-hours was recorded. It is the company's policy to close all variances to cost of goods sold on a monthly basis. Required: 1. Compute the following variances for June a. Materials price and quantity variances. b. Labor rate and efficiency variances c. Variable overhead rate and efficiency variances. 2. Summarize the variances that you computed in (1) above by showing the net overall favorable or unfavorable variance for the Complete this question by entering your answers in the tabs below. Required 1 Required 2 1a. Compute the following variances for June, materials price and quantity variances. 1b. Compute the following variances for June, labor rate and efficiency variances. ic. Compute the following variances for June, variable overhead rate and efficiency variances. (Do not round your intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (ie, zero variance), Input all amounts as positive values.) Show less 1a. Material price variance Material quantity variance 11. Labor rate variance Labor efficiency variance 1c. Variable overhead rate variance Warishin the affinin Saved Help Save GE Che b. Labor rate and efficiency variances. c. Variable overhead rate and efficiency variances. 2. Summarize the variances that you computed in (1) above by showing the net overall favorable or unfavorable variance for t Complete this question by entering your answers in the tabs below. Required 1 Required 2 Summarize the variances that you computed in (1) above by showing the net overall favorable or unfavorable variance for the month. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (.e., zero variance). Input the amount as positive value.) Net variance
