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please compute the 6 variances asked for. thank you! Miller Toy Company manufactures a plastic swimming pool at its Westwood Plant Net Income Budget $6,000
please compute the 6 variances asked for. thank you!
Miller Toy Company manufactures a plastic swimming pool at its Westwood Plant Net Income Budget $6,000 Actual $(20,890) Difference $26,890 U (sum of six variances) Standard Cost Card (budget for one unit) Standard Standard Quantity Price Standard or Hours or Rate Cost Direct Materials 3.0 pounds $ 5 $ 15.00 Direct labor 0.8 labor hours 16 12.80 Variable overhead 0.4 machine hours X 1.20 Total standard cost per unit $ 29.00 The following actual data resulted in the production of 15,000 pools a) Materials purchased 60,000 pounds at a cost of $4.95 per pound. b) Used 49,200 pounds of materials in production. C) Worked 11,800 direct labor hours at a cost of $17.00 per hour d) Variable manufacturing overhead costs, during the month, totaled $18.290. A tot of 5,900 machine hours were recorded. Compute the following: Material price variance Labor rate variance Variable overhead spending variance Material quantity variance Labor efficiency variance Variable overhead efficiency varianceStep by Step Solution
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