Question
Material, Labor, and Variable Overhead Variances The following summarized manufacturing data relate to Thomas Corporation's April operations, during which 2,000 finished units of product were
Material, Labor, and Variable Overhead Variances
The following summarized manufacturing data relate to Thomas Corporation's April operations, during which 2,000 finished units of product were produced. Normal monthly capacity is 1,100 direct labor hours. Standard Units Costs Total Actual Costs Direct material Standard (2 lb. @ $13.00/lb.) $26 Actual (4,200 lb. @ $13.60/lb.) $57,120 Direct labor Standard (0.5 hr. @ $28/hr.) $14 Actual (950 hrs. @ $26.80/hr.) 25,460 Variable overhead Standard (0.5 hr. @ $10/hr.) $5 Actual - 10,450 Total $45 $93,030 Determine the following variances: Do not use negative signs with any of your answers. Next to each variance answer, select either "F" for Favorable or "U" for Unfavorable. Materials Variances Actual cost: Answer 42,840 Split cost: Answer 37,800 Standard cost: Answer 36,000 Materials price Answer 5,040 Answer Materials efficiency Answer 1,800 Answer Labor Variances Actual cost: Answer 0 Split cost: Answer 0 Standard cost: Answer 0 Labor rate Answer 0 Answer Labor efficiency Answer 0 Answer Variable Overhead Variances Actual cost: Answer 0 Split cost: Answer 0 Standard cost: Answer 0 Variable overhead spending Answer 0 Answer Variable overhead efficiency Answer 0 Answer Please answer all parts of the question.
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