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Fiber Oil perforns oil changes. The standard wage rate for oil change fechnicians is $19 per hour By analyzing its past records of time spent

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Fiber Oil perforns oil changes. The standard wage rate for oil change fechnicians is $19 per hour By analyzing its past records of time spent on oll changes, the company has developed a standard of 12 minutes (or 0.20 hoirs) per oil change. In lutly, 1,400 of changes were performed it Fiber Oa Oit change technictans worked a total of 260 direct labor hours at an average rate of $21 per hour Read the requirements Requirement 1. Calculate the direct labor rate variance Determine the formula for the rate variance, then compute the rate variance for the direct labor (Enter the rosult as a positive number. Labol the variance as fivorable (F) or unfavorable (U) Enter the currency amount in the formula to the nearest cent, then round the final variance amount to the nearest wholo dollar. Abbreviations used DL = Direct labor Requirement 2. Calculate the direct labor efficiency varlance. Determine the formula for the efficiency variance, then compute the efficiency variance for the direct labor. (Enter the result as a positive number Label the variance an favorable (f) ) or unfavorable (U). Enter the currency amount in the formula to the nearest cent, then round the fral varianco amount to the searest wholo dotar. Abbreviations used: OL. F Direct (abor) Hasthorn Products manufactures faux boulders to be used in varioum landscaping applications A special rosin is used to make the boulders. The standard quantity of resin used tor bach boulder is 10 pounds. Hawthorn Products uses a standard cost of $2.20 per pound for the resin. The compamy produced 1800 boulders in fune In that manth, 17,600 pounds of resin were purchased at a total cost of $44,000. A total of 17,500 pounds wero used in producing the boulders in June. Read tho repuirements Requirement 1. Calculate the diect material price variance Begin by defermining the formula for the price variance, then compute the price variance for the direct materiale (Enter the variance as a positive number Enfer currency ameunts in the formula to the nearest cent and then round the final varlance arnount fo the nearest wholo dollar Label the variance as faworable (F) or unfavorable (U) Abbreviations used. DM = Direct materials) Requirement 2. Calculate the direct material quantity variance Determine the formula for the quantizy variance, fhen compute the quantiy variance for the direct caterials (Enter the variance as a positive nuraber Enter cianency amoint: in then formula to the rearest cent and then round the fral variance amount fo the nearest whole dollar Label the variance as favocable (f) or untavorablo (U) Grand Guard, which used a standard cost accounting systom, manufactured 240,000 boat fenders during the yoar, using 1,540,000 loet of extruded vinyl purchased at $1,35 per foot Production required 4,100 direct labor hours that cost $12.00 per hour. The materials standard was 6 feet of vinyl per fender at a 5 tandard cost of $1.40 por foot The fabor standard was 0.026 diect tabor hour per fender at a standard cost of $11.00 per hout Read the erequirements Requirement 1. Compuse the price and quantity variances for direct materials. Compute the rate and efficlency variances for direct labor (Enter the variances as positive numbers Enter currency amounts to the noarest cent and your answers to the nearest whole dollar. Label the variances as favorable (F) or unlavorable (U). Abbreviations used OM = Direct materiak; DL= Direct labor) Begin with the variances for cirect materials, First, determine the formula for the drect materiats price variance, then compute the price variance for direct materiais: (Assume that the quontity of materials purchased is equal to the quantity of natorials used)

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