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 $70,000$ units of product were as follows:

Standard Costs

Actual Costs

Each unit requires $0\mathrm{.}25$ hour of direct labor.

Required:

Direct Labor Rate Variance

Direct Labor Time Variance

Total Direct Labor Cost Variance

$

$!$

$

Variable factory overhead controllable variance $,$$

Fixed factory overhead volume variance s

Total factory overhead cost variance

$

$