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Saved Quiz - Ch 10 Check my work 4 Koontz Company manufactures a number of products. The standards relating to one of these products are shown below. along with actual cost data for May Standard cont per Actual cost per Unit Unit Direct materials: Standardt 1.90 feet at $3.20 per foot $ 6.08 Actual 1.85 feet at $3.60 per foot 6.66 Direct labor: Standard 1.00 hours at $19.00 per hour 19.00 Actualt 1.05 hours at $18.40 per hour 19.32 Variable overhead Standard: 1.00 hours at $8.00 per hour 8.00 Actual 1.05 hours at $7.60 per hour 7.98 Total cost per unit $ 33.00 5 33.96 IxCss of actual cost over standard coat $0.88 per unit The production superintendent was pleased when he saw this report and commented: "This $0.88 excess cost is well within the 4 percent limit management has set for acceptable variances. It's obvious that there's not much to worry about with this product Actual production for the month was 15,500 units. Vorlable overhead cost is assigned to products on the basis of direct lobor hours. There were no beginning or ending inventories of materials, Required: 1. Compute the following variances for May a. Materials price and quantity variances. b. Labor rate and efficiency variances. c. Variable overhead role and efficiency variances How much of the Rarece intra le traceable thanh nf the variantes romein Mahu SAVO Quiz Ch 10 Check 4 c. Variable overhead rate and efficiency variances. 2. How much of the $0.88 excess unit cost is traceable to each of the variances computed in (1) above. 3. How much of the $0.88 excess unit cost is traceable to apparent inefficient use of labor time? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 ia. Compute the following variances for May, materials price and quantity variances. 1b. Compute the following variances for May, labor rate and efficiency variances. 1c. Compute the following variances for May, variable overhead rate and efficiency variances, (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (.e., zero variance). Input all amount as positive values.) Show less 1o Materials price variance Materials quantity variance 16. Labor rate variance Labor officiency variance 10. Variable overhead rate variance Variable overhead efficiency variance Required: Required 2 > Saved Ch 10 C 3. How much of the $0.88 excess unit cost is traceable to apparent inefficient use of labor time? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 How much of the $0.88 excess unit cost is traceable to each of the variances computed in (1) above. (Indicate the ef each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (.e., zero variance). Input amounts as positive values. Round your answers to 2 decimal places.) Materials: Price variance Quantity variance Labor: Rate variance Efficiency varianco Variable overhead Rate varianco Efficiency variance Excess of actual over standard cost per unit Required 1 Required 3 > Quiz - Ch 10 Check my wo 4 3. How much of the $0.88 excess unit cost is traceable to apparent inefficient use of labor time? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 How much of the $0.88 excess unit cost is traceable to apparent inefficient use of labor time? (Indicate the effect of each variance by selecting "Ffor favorable, "U" for unfavorable, and "None" for no effect (ie, zero variance). Input all amounts as positive values. Do not found intermediate calculations. Round your final answers to 2 decimal places.) Excess of actual over standard cost per unit Less portion attributable to labor inefficiency Labor officiency variance Variable overhead officiency variance Portion due to other variances