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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. @ $10.00/lb.) $20
Actual (4,200 lb. @ $11.30/lb.) $47,460
Direct labor
Standard (0.5 hr. @ $25/hr.) $12.50
Actual (950 hrs. @ $24.50/hr.) 23,275
Variable overhead
Standard (0.5 hr. @ $7/hr.) $3.50
Actual - 7,450
Total $36 $78,185

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

Split cost:

Answer

Standard cost:

Answer

Materials price

Answer

AnswerFU

Materials efficiency

Answer

AnswerFU

Labor Variances
Actual cost:

Answer

Split cost:

Answer

Standard cost:

Answer

Labor rate

Answer

AnswerFU

Labor efficiency

Answer

AnswerFU

Variable Overhead Variances
Actual cost:

Answer

Split cost:

Answer

Standard cost:

Answer

Variable overhead spending

Answer

AnswerFU

Variable overhead efficiency

Answer

AnswerFU

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