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"It certainly is nice to see that small variance on the income statement after all the trouble we've had lately in controlling manufacturing costs," said Linda White, vice president of Molina Company. "The $22,700 overall manufacturing variance reported last period is well below the 6% limit we have set for variances. We need to congratulate everybody on a job well done."

The company produces and sells a single product. The standard cost card for the product follows:

Standard Cost Card?Per Unit
Direct materials, 3.00 yards at $3.00 per yard	$	9.00
Direct labor, 1.2 direct labor-hours at $11.00 per direct labor-hour		13.20
Variable overhead, 1.2 direct labor-hours at $2.00 per direct labor-hour		2.40
Fixed overhead, 1.2 direct-labor hours at $5.50 per direct labor-hour		6.60
Standard cost per unit	$	31.20

The following additional information is available for the year just completed:

a.	The company manufactured 25,000 units of product during the year.

b.	A total of 74,000 yards of material was purchased during the year at a cost of $3.20 per yard. All of this material was used to manufacture the 25,000 units. There were no beginning or ending inventories for the year.

c.	The company worked 33,000 direct labor-hours during the year at a cost of $10.70 per hour.

d.	Overhead cost is applied to products on the basis of standard direct labor-hours. Data relating to manufacturing overhead costs follow:

Denominator activity level (direct labor-hours)		26,000
Budgeted fixed overhead costs	$	143,000
Actual fixed overhead costs	$	140,200
Actual variable overhead costs	$	72,600

Required:
1.	Compute the direct materials price and quantity variances for the year.(Input all amounts as positive values. Leave no cells blank - be certain to enter "0" wherever required. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Omit the "$" sign in your response.)

Direct materials quantity variance	$	(Click to select)FUNone
Direct materials price variance	$	(Click to select)FUNone

2.

Compute the direct labor rate and efficiency variances for the year.(Input all amounts as positive values. Leave no cells blank - be certain to enter "0" wherever required. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Omit the "$" sign in your response.)

Direct labor efficiency variance	$	(Click to select)FUNone
Direct labor rate variance	$	(Click to select)FUNone

3.	For manufacturing overhead, compute the following:

a.

The variable overhead rate and efficiency variances for the year.(Input all amounts as positive values. Leave no cells blank - be certain to enter "0" wherever required. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Omit the "$" sign in your response.)

Efficiency variance	$	(Click to select)FUNone
Rate variance	$	(Click to select)FUNone

b.

The fixed overhead budget and volume variances for the year.(Input all amounts as positive values. Leave no cells blank - be certain to enter "0" wherever required. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Omit the "$" sign in your response.)

Volume variance $ (Click to select)FUNone Budget variance $ (Click to select)FUNone

\"It certainly is nice to see that small variance on the income statement after all the trouble we've had lately in controlling manufacturing costs,\" said Linda White, vice president of Molina Company. \"The $22,700 overall manufacturing variance reported last period is well below the 6% limit we have set for variances. We need to congratulate everybody on a job well done.\" The company produces and sells a single product. The standard cost card for the product follows: Standard Cost CardPer Unit Direct materials, 3.00 yards at $3.00 per yard Direct labor, 1.2 direct laborhours at $11.00 per direct laborhour Variable overhead, 1.2 direct laborhours at $2.00 per direct laborhour Fixed overhead, 1.2 directlabor hours at $5.50 per direct laborhour Standard cost per unit $ 9.00 13.20 2.40 6.60 $ 31.20 The following additional information is available for the year just completed: a. The company manufactured 25,000 units of product during the year. b. A total of 74,000 yards of material was purchased during the year at a cost of $3.20 per yard. All of this material was used to manufacture the 25,000 units. There were no beginning or ending inventories for the year. c. The company worked 33,000 direct laborhours during the year at a cost of $10.70 per hour. d. Overhead cost is applied to products on the basis of standard direct laborhours. Data relating to manufacturing overhead costs follow: Denominator activity level (direct laborhours) Budgeted fixed overhead costs Actual fixed overhead costs Actual variable overhead costs 26,000 $ 143,000 $ 140,200 $ 72,600 Required: 1. Compute the direct materials price and quantity variances for the year. (Input all amounts as positive values. Leave no cells blank be certain to enter "0" wherever required. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Omit the "$" sign in your response.) Direct materials quantity variance $ (Click to select) Direct materials price variance $ (Click to select) 2. Compute the direct labor rate and efficiency variances for the year. (Input all amounts as positive values. Leave no cells blank be certain to enter "0" wherever required. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Omit the "$" sign in your response.) Direct labor efficiency variance $ (Click to select) Direct labor rate variance $ (Click to select) 3. For manufacturing overhead, compute the following: a. The variable overhead rate and efficiency variances for the year. (Input all amounts as positive values. Leave no cells blank be certain to enter "0" wherever required. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Omit the "$" sign in your response.) Efficiency variance $ (Click to select) Rate variance $ (Click to select) b. The fixed overhead budget and volume variances for the year. (Input all amounts as positive values. Leave no cells blank be certain to enter "0" wherever required. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Omit the "$" sign in your response.) Volume variance $ (Click to select) Budget variance $ (Click to select)