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Question 1 You have been hired for the summer at Outdoors Unlimited to help them with their cost accounting system. You were given the following incomplete standard cost card and information: Standard Cost Card for Variable Costs Direct materials metres at $ per metre $30.00 Direct labour, hours at $ per hour $24.00 Variable overhead hours at $ per hour $ 6.75 Standard variable cost per unit Variances Reported Total Standard Price Spending Quantity or Cost * or Rate Efficiency Direct materials (DM). $600,000 # Direct labour (DL) ..... $480,000 $72,00OF D+ # Variable overhead (VOH) $135,000 Applied to Work in Process during the year based on actual production of 20,000 boards. # DM: The TOTAL variance (price and quantity) was $54,000F. + DL: The TOTAL variance (rate and efficiency) was $24,000 U. Q VOH: The TOTAL variance (spending and efficiency) was $36,000U. Through discussions with management, you have gathered the following additional information: The company uses a JIT inventory system and has no inventory of any kind at the end of a year. Direct material purchases for the year were $546,000. Manufacturing overhead is applied on the basis of direct labour hours. The actual cost of direct materials was $13.00/metre, which was $2.00/metre less than the standard cost. The production team lost their most experienced direct labour workers at the beginning of the year. Management was pleased with the fact that they were able to hire new workers at $2.00 per hour less than the standard rate.Required: 1 . Compute the following variable cost variances from the information you have been given (10 marks) a. Direct material variances i. Price Variance ii. Quantity Variance b. Direct labour variances i. Rate variance ii. Efficiency variance c. Variable overhead variances i. Spending variance ii. Efficiency variance 2. Complete the variable standard cost card per board: (6 marks) Direct materials: metres x $ /metre $30.00 Direct labour: hours x $ /hour $24.00 Variable overhead: hours x $ /hour $ 6.75 Standard variable cost per board 3. Based on your analysis, identify and briefly discuss two changes that the company should make in operations next year? (4 marks)Question 2 Terrace Inc. produces and sells a single product. The standard cost card for the product is as follows: Direct materials, 4 metres @ $30.60 per metre $122.40 Direct labour, 2.1 hours @ $24.00 per direct labour- hour 50.40 Variable overhead, 2.1 hours @ $5.40 per direct labour-hour 11.34 Fixed overhead, 2.1 hours @ $14.40 per direct labour-hour 30 24 $214.38 The following additional information is available for the current year: The company manufactured 40,000 units of product during the year. 2 . A total of 175,000 metres was purchased during the year at a total cost of $5,323,500. 10,000 metres of material was left in ending inventory. There was no beginning inventory. 3. The company worked 83,500 direct-labour hours during the year. The total cost for direct labour for the year was$2,062,450 4 . Overhead is applied to products on the basis of standard direct labour hours. Data relating to manufacturing overhead costs are: Denominator activity level ( direct-labour hours) 75,600 Actual variable overhead costs $438,375 Actual fixed overhead costs $1, 176,000 Required: 1 . Compute the direct materials price and quantity variances. The price variance is determined based on quantities purchased, not quantities used. 2. Compute the direct labour rate and efficiency variance 3. Compute the variable overhead spending and efficiency variance 4. Compute the fixed overhead budget variance and the volume variance