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The Ace Company has established standards as follows: Direct Material Direct Labor Variable Overhead 3 lbs. per unit @ $ 8/lb 2 DL hrs. per unit@ $ 10/hr 2 DL hrs. per unit@ $5/hr =$24 per unit =$20 per unit = $10 per unit Actual production figures for the past year were as follows: Units produced Direct material purchased Direct material used in production Direct labor cost Actual Variable overhead costs 500 3,000 lbs at a total cost of $24.600 1.700 lbs $8,740 (950 hours actually work) $5,605 Calculate the amount of each variance and select if it was favorable or unfavorable Question 50 (1 point) The materials price variance is: Question 51 (0.5 points) The materials price variance is Favorable Unfavorable Question 52 (1 point) The materials quantity variance is: Question 53 (0.5 points) The materials quantity variance is Unfavorable Favorable Question 54 (1 point) The labor rate variance is: AM Question 55 (0.5 points) The labor rate variance is Favorable Unfavorable Question 56 (1 point) The labor efficiency variance is: Question 57 (0.5 points) The labor efficiency variance is Unfavorable Favorable Question 58 (1 point) The variable overhead spending variance is: Question 59 (0.5 points) The variable overhead spending variance is Favorable Unfavorable Question 60 (1 point) The variable overhead efficiency variance is: A Question 61 (0.5 points) The variable overhead efficiency variance is Favorable Unfavorable Previous Page Next Page Page 12 of 15