lomework Svet Help Save & Exi Check Landers Company manufactures a number of products. The standards relating to one of these products are shown below, along with actual cost data for May. Standard Cost per Unit Actual Cost per Unit 5 10.80 $ 10.85 16.20 Direct materials: Standard: 1.80 feet at $6.00 per foot Actual: 1.75 feet at $6.20 per foot Direct labour : Standard: 0.90 hours at $18.00 per hour Actual: 0.95 hours at $17.40 per hour Variable overheads Standard: 0.90 hours at $5.00 per hour Actual: 0.95 hours at $4.68 per hour Total cost per unit Excess of actual cost over standard cost per unit 16.53 4.50 $31.50 4.37 $ 31.75 5 0.25 The production superintendent was pleased when he saw this report and commented: "This $0.25 excess cost is well within the 2% timit management has set for acceptable variances. It's obvious that there's not much to worry about with this product" Actual production for the month was 12.060 units. Variable overhead cost is assigned to products on the basis of direct labour-hours. There were no beginning or ending inventories of materials. Required: 1. Compute the following variances for May: Prey 1 of 1 : Next arch O nework Saved Help Save --+*! Required: 1. Compute the following variances for May a. Materials quantity and price variances. (Input all amounts as positive values. Leave no cells blank - be certain to enter " wherever required. Indicate the effect of each variance by selecting "F" for favourable, "U" for unfavourable, and "None" for no effect (i.e., zero variance.) Materials quantity variance Materials price variance Prev 1 of 1 IN Next arch mework Served Help Save & Ex Check b. Labour efficiency and rate variances. (Input all amounts os positive values. Leave no cells blank - be certain to enter "0" wherever required. Indicate the effect of each variance by selecting "F" for favourable, "U" for unfavourable, and "None" for no effect (i.e.. zero variance.) Labour efficiency variance Labour rate variance Prov 1 of 1 Next arch O II 2 2 SONG Help Save & E Che C. Variable overhead efficiency and rate variances. (Input all amounts as positive values. Leave no cells blank - be certain to enter "O" wherever required. Indicate the effect of each variance by selecting "F" for favourable, "U" for unfavourable, and "None" for no effect (i.e., zero variance.) Variable overhead efficiency variance Variable overhead rate variance Prex 1 of 1 Next o arch i ll LO LORE Canvas de Crochet Blanket Patent Portal Uul... Home - MysaskHea... Sociology Mini amework red Help Save & E Che 2. How much of the $0.25 excess unit cost is traceable to each of the variances computed in (1) above. (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 favourable, "U" for unfavourable, and "None" for no effect (.e., zero variance). Round your answers to 2 decimal places.) Materials Quantity variance Price variance Labour Efficiency variance Rate variance Variable overhead Efficiency variance Rate variance Excess of actual over standard cost per unit How much of the Sn75 avrece intrnet ic raronblatannarent inefficient confiahour time linnut All Amante ne nnetiva Brex 1 of 1 Next Ich O mework Help Save & EX Chec 3. How much of the $0.25 excess unit cost is traceable to apparent inefficient use of labour time? (Input all amounts as positive values. Leave no cells blank - be certain to enter "o" wherever required. Indicate the effect of each variance by selecting "F" for favourable, "U" for unfavourable, and "None" for no effect fi.e., zero variance). Do not round intermediate calculations. Round your final answers to 2 decimal places.) Excess of actual over standard cost per unit Less portion attributable to labour inefficiency Labour efficiency variance Variable overhead efficiency variance Portion due to other variances Prey 1 of 1 Next earch O BE
