Question
Lido Companys standard and actual costs per unit for the most recent period, during which 400 units were actually produced, are given below: Standard Actual
Lido Companys standard and actual costs per unit for the most recent period, during which 400 units were actually produced, are given below: Standard Actual Materials: Standard: 2 foot at $1.50 per foot $ 3.00 Actual: 2.1 foot at $1.60 per foot $ 3.36 Direct labor: Standard: 1.5 hours at $6.00 per hour 9.00 Actual: 1.4 hours at $6.50 per hour 9.10 Variable overhead: Standard: 1.5 hours at $3.40 per hour 5.10 Actual: 1.4 hours at $3.10 per hour 4.34 Total unit cost $ 17.10 $ 16.80 Required: a. Compute the materials price variance. (Input the amount as positive value. Indicate the effect of variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Leave no cell blank - be certain to enter "0" wherever required. Omit the "$" sign in your response.) Materials price variance $ b. Compute the materials quantity variance. (Input the amount as positive value. Indicate the effect of variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Leave no cell blank - be certain to enter "0" wherever required. Omit the "$" sign in your response.) Materials quantity variance $ c. Compute the direct labor rate variance. (Input the amount as positive value. Indicate the effect of variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Leave no cell blank - be certain to enter "0" wherever required. Omit the "$" sign in your response.) Direct labor rate variance $ d. Compute the direct labor efficiency variance. (Input the amount as positive value. Indicate the effect of variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Leave no cell blank - be certain to enter "0" wherever required. Omit the "$" sign in your response.) Direct labor efficiency variance $ e. Compute the variable overhead rate variance. (Input the amount as positive value. Indicate the effect of variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Leave no cell blank - be certain to enter "0" wherever required. Omit the "$" sign in your response.) Variable overhead rate variance $ f. Compute the variable overhead efficiency variance. (Input the amount as positive value. Indicate the effect of variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Leave no cell blank - be certain to enter "0" wherever required. Omit the "$" sign in your response.) Variable overhead efficiency variance $
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