Question
Computation of Variances and Other Missing Data The following data for O'Keefe Company pertain to the production of 300 units of Product X during December.
Computation of Variances and Other Missing Data The following data for O'Keefe Company pertain to the production of 300 units of Product X during December. Selected data items are omitted. Fill in the missing amounts. Direct materials (all materials purchased were used during period)
Standard cost per unit: Answer ? pounds at $3.20 per pound
Total actual cost: Answer ? pounds costing $5,668
Standard cost allowed for units produced: $5,760
Materials price variance: $Answer 0 Answer
Materials quantity variance: $96 U
Direct labor
Standard cost: 2 hours at $7.00
Actual cost per hour: $7.20
Total actual cost: $Answer ?
Labor rate variance: $Answer ? Answer
Labor efficiency variance: $140 U
Variable overhead
Standard costs: Answer ? hours at $4.00 per direct labor hour
Actual cost: $2,290
Variable overhead spending variance: $Answer ? Answer
Variable overhead efficiency variance: $Answer ? Answer
Please answer all parts of the question.
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