Materials Variance Information Table
Standard price		per pound
Actual price		per pound
Standard quantity for flexible budget		pounds
Actual quantity used		pounds

Labor Variance Information Table
Standard price		per hour
Actual price		per hour
Standard hours for flexible budget
Actual hours used

Material price variance
Material usage variance

Labor price variance
Labor usage variance

e.	Predetermined overhead rate		per unit
f.	Fixed cost spending variance
g.	Fixed cost volume variance

Problem 8-23A Computing materials, labor, and cost variances LO 8-5, 8-6 The following data were drawn from the records of Munoz Corporation Planned volume for year (static budget) Standard direct materials cost per unit Standard direct labor cost per unit Total expected fixed overhead costs Actual volume for the year (flexible budget) Actual direct materials cost per unit Actual direct labor cost per unit Total actual fixed overhead costs 4,400 units 4.00 pounds $1.90 per pound 3.50 hours 8 $3.90 per hour $23,320 4,700 units 3.70 pounds $2.40 per pound 3.90 hours 8 $3.50 per hour $19,020 Required a. Prepare a materials variance information table showing the standard price, the actual price, the standard quantity, and the actual quantity b. Calculate the materials price and usage variances. Indicate whether the variances are favorable (F) or unfavorable (U) c. Prepare a labor variance information table showing the standard price, the actual price, the standard hours, and the actual hours d. Calculate the labor price and usage variances. Indicate whether the variances are favorable (F) or unfavorable (U) e. Calculate the predetermined overhead rate, assuming that Munoz uses the number of units as the allocation base f. Calculate the fixed cost spending variance. Indicate whether the variance is favorable (F) or unfavorable (U) g. Calculate the fixed cost volume variance. Indicate whether the variance is favorable (F) or unfavorable (U)