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During this period, the company produced $6,000$ units of product. A comparison of standard and actual

costs for the period on a total cost basis is also given above.

There was no inventory of materials on hand to start the period. During the period, $23,400$ metres of

materials was purchased and used in production. The denominator level of activity for the period was $7,340$

hours.

a$.$ Compute the rate and efficiency variances. $($Indicate the effect of variance by selecting $"$F$"$ for

favourable, $"$U$"$ for unfavourable, and "None" for no effect $($i$.$e$.,$ zero variance$).)$

b$.$ Prepare a journal entry to record the incurrence of direct labour cost for the period. $($List debit

entries first$).$

c$.$ Compute the variable manufacturing overhead spending and efficiency variances. $($Indicate the

effect of each variance by selecting $"$F$"$ for favourable, $"$U$"$ for unfavourable, and "None" for

no effect $($i$.$e$.,$ zero variance$).)$

d$..$ Compute the fixed overhead budget and volume variances. $($Indicate the effect of variance by

selecting $"$F$"$ for favourable, $"$U$"$ for unfavourable, and "None" for no effect $($i$.$e$.,$ zero

variance$).)$

e$.$ On seeing the $$14,640$ total cost variance, the company's president stated, "It's obvious that our costs are well

under control." Do you agree? Yes$/$No