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Use the following information for the Problems below. The following information applies to the questions displayed below.) Trico Company set the following standard unit costs for its single product Direct materials (30 Ibs. $4.80 per Ib.) Direct labor (6 hrs. $14 per hr.) Factory overhead-variable (6 hrs. $7 per hr.) Factory overhead-fixed (6 hrs. e $9 per hr.) Total standard cost $144.00 84.00 42.00 54.00 $324.00 The predetermined overhead rate is based on a planned operating volurme of 80% of the productive capacity of 57,000 units per quarter. The following flexible budget information is available. 70% 39,900 80% 45,600 90% 51,300 239,400 273,60 307,800 Production in units Standard direct labor hours Budgeted overhead Fixed factory overhead Variable factory overhead $2,462,400 $2,462,400 $2,462,400 $1,675, 800 $1,915,200 $2,154, 600 During the current quarter, the company operated at 90% of capacity and produced 51,300 units of product actual direct labor totaled 304,800 hours. Units produced were assigned the following standard costs. Direct materials (1,539,000 Ibs. e $4.80 per Ib.) Direct labor (307,800 hrs. $14 per hr.) Factory overhead (307,800 hrs. $16 per hr.) 4,924,800 Total standard cost $ 7,387,200 4,309,200 $16,621,200 Production in units Standard direct labor hours Budgeted overhead 39,900 51,300 239,400 273,60 307,800 45,600 Fixed factory overhead Variable factory overhead $2,462,400 $2,462,400 $2,462,400 $1,675, 800 $1,915,200 $2,154,600 During the current quarter, the company operated at 90% of capacity and produced 51,300 units of product, actual direct labor totaled 304,800 hours. Units produced were assigned the following standard costs. Direct materials (1,539,000 Ibs. $4.80 per s 7,387,200 4,309,200 Direct labor (307,800 hrs. $14 per hr. Factory overhead (307,800 hrs. $16 per hr.4-924.800 Total standard cost $16,621,200 Actual costs incurred during the current quarter follow. Direct materials (1,519,000 Ibs. $7.30 per lb.) $11,088,700 Direct labor (304, 800 hrs. $13.00 per hr Fixed factory Variable factory overhead costs Total actual costs 3,962,400 2,337,000 2,187,800 $19,575,900 ead costs Problem 23-4A Computation of materials, labor, and overhead variances LO P2, P3 Required 1. Compute the direct materials cost variance, including its price and quantity variances. Problem 23-4A Computation of materials, labor, and overhead variances LO P2, P3 1. Compute the direct materials cost variance, including its price and quantity variances. 2. Compute the direct labor cost variance, including its rate and efficiency variances. 2. Compute the direct labor cost variance, including its rate and efficiency variances. 3. Compute the overhead controllable and volume variances 3. Compute the overhead controllable and volume variances. volu tion Direct materials (1,519,000 Ibs. $7.30 per lb. $11,088,700 Direct labor (304,800 hrs. $13.00 per hr. Fixed factory overhead costs Variable factory overhead costs 3,962,400 2,337,000 2,187,800 $19,575,900 Total actual costs Problem 23-5AA Expanded overhead variances LO P4 (a) Compute the variable overhead spending and efficiency variances. (Round "cost per unit" and "rate per hour" answers to 2 decimal places.) Actual Variable OH Cost Standard Cost (b) Compute the fixed overhead spending and volume variances. (Round "cost per unit" and "rate per hour" answers to 2 decimal Fixed OH Cost (c) Compute the total overhead controllable variance Next >
