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Please express the answer in the following terms: Adamantane Inc. processes a base chemical into plastic. Standard costs and actual costs for direct materials, direct
Please express the answer in the following terms:
Adamantane Inc. processes a base chemical into plastic. Standard costs and actual costs for direct materials, direct labor, and factory overhead incurred for the manufacture of 15,000 units of product were as follows: Standard Costs Actual Costs Direct Materials 5,000 lbs. at $50.00 4,950 lbs. at $50.60 Direct Labor 3,000 hrs. at $25.000 2,945 hrs. at $25.60 Factory Overhead Rates per direct labor hr., based on 100% of normal capacity of 3,200 direct labor hrs.: Variable cost, $5.50 $16,680 variable cost Fixed Cost, $4.00 $12,800 fixed costs Each unit requires 0.2 hours 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 variance, and total direct labor variance, and (c) the variable factory overhead controllable variance, fixed factory overhead volume variance, and total factory overhead cost variance. a. . DM Price Variance DM Quantity Variance Wrong Wrong 2500 Total DM Cost Variance Wrong TEA b. DL Rate Variance DL (Time) Efficiency Variance Wrong Wrong 1375 Total DL Cost Variance Wrong C. Fixed FOH Volume Variance Standard for amount produced Normal Capacity at 100% Capacity not used Standard Fixed FOH cost rate Variance Wrong Variable FOH Controllable Variance Standard Variable FOH Cost for 3,000 hours Actual Variable FOH Cost Variance Wrong Total FOH Cost Variance WrongStep by Step Solution
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