cost accounting 5ed chapter 16 exercise 66; chart in excel format prepare a report that shows all variable production cost price and efficiency variances and fixed production cost price and production volume variances excel format

Units produced (actual) 42000

Master production Budget

Direct materials $132,000 Direct labor 112000 Overhead 159200

Standard costs per unit

Direct materials $1.65x2 gallons per unit of output Direct labor $14 per hour x 0.2 hour per unit Variable overhead $11.90 per direct labor hour

Actual costs

Direct materials purchased and used $150,960 (81,600 gallons) Direct labor 111,708 (8,560) Overhead 163,200 (61% is variable)