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Please answer with excel sheet? Chapter 23 Evaluating Variances from Standard Costs 1165 ols PR 23-3B Direct materials, direct labor, and factory overhead cost variance
Please answer with excel sheet?
Chapter 23 Evaluating Variances from Standard Costs 1165 ols PR 23-3B Direct materials, direct labor, and factory overhead cost variance OBJ. 3,4 analysis Road Gripper Tire Co. manufactures automobile tires. Standard costs and actual costs for direct materials, direct labor, and factory overhead incurred for the manufacture of 4,160 tires were as follows: Direct materials Direct labor Factory overhead Actual Costs 101,000 lb. at $6.50 2,000 hrs. at $15.40 Standard Costs 100,000 lb. at $6.40 2,080 hrs. at $15.75 Rates per direct labor hr., based on 100% of normal capacity of 2,000 direct labor hrs.: Variable cost, $4.00 Fixed cost, $6.00 58,200 variable cost $12,000 fixed cost Each tire requires 0.5 hour of direct labor. Instructions Determine (a) the direct materials price variance, direct materials quantity variance, and total direct materials cost variance; (b) the direct labor rate variance, direct labor time vari- ance, and total direct labor cost variance; and (c) the variable factory overhead controllable variance, fixed factory overhead volume variance, and total factory overhead cost varianceStep by Step Solution
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