Portal Serviceuses a standard cost system for its single product The following data are available Actual experience for the current year Purchases of Raw Materials (8,400 Pounds) $23,100 Raw Materials Used 8,400 Pounds Direct Labor Costs (3,360) $61,320 Actual Variable Overhead Cost $26,040 Units Produced 1,400 Units Standards per Unit of Product are Raw Materials 6 5 Pounds at $2 40 Per Pound Direct Labor 2 8 Hours at $18 00 Per Hour Variable Overhead $8 25 Per Direct Labor Hour INSTRUCTIONS Complete the following listed variances for raw materials, direct labor, and variable overhead, assuming that the price variance for materials is recognized at point of purchase As was shown in the lecture and in your assignments, be sure to compute the standard and actual price (rate) and quantity for the direct materials, direct labor, and overhead Direct Materials Price Variance Direct Materials Quantity Variance Direct Labor Rate Variance Direct Labor Efficiency Variance Variable Overhead Spending Variance Variable Overhead Efficiency Variance Match each of the items below with the appropriate amount Matching pairs Direct Materials Actual Quantity Select choice $15 60 $2,940 Favorable $2,940 Unfavorable $2 40 $1,260 $2 75 $1,680 Favorable $89 10 $23 10 $1,680 Unfavorable 9,100 Pounds 8,400 Pounds Direct Materials Total Variance Select choice $15 60 $2,940 Favorable $2,940 Unfavorable $2 40 $1,260 $2 75 $1,680 Favorable $89 10 $23 10 $1,680 Unfavorable 9,100 Pounds 8,400 Pounds Direct Materials Standard Quantity Select choice $15 60 $2,940 Favorable $2,940 Unfavorable $2 40 $1,260 $2 75 $1,680 Favorable $89 10 $23 10 $1,680 Unfavorable 9,100 Pounds 8,400 Pounds Direct Materials Price Variance Select choice $15 60 $2,940 Favorable $2,940 Unfavorable $2 40 $1,260 $2 75 $1,680 Favorable $89 10 $23 10 $1,680 Unfavorable 9,100 Pounds 8,400 Pounds Direct Materials Standard Price Select choice $15 60 $2,940 Favorable $2,940 Unfavorable $2 40 $1,260 $2 75 $1,680 Favorable $89 10 $23 10 $1,680 Unfavorable 9,100 Pounds 8,400 Pounds Direct Materials Actual Price Select choice $15 60 $2,940 Favorable $2,940 Unfavorable $2 40 $1,260 $2 75 $1,680 Favorable $89 10 $23 10 $1,680 Unfavorable 9,100 Pounds 8,400 Pounds Direct Materials Quantity Variance Select choice $15 60 $2,940 Favorable $2,940 Unfavorable $2 40 $1,260 $2 75 $1,680 Favorable $89 10 $23 10 $1,680 Unfavorable 9,100 Pounds 8,400 Pounds Standard Cost Per Unit Produced Direct Materials Select choice $15 60 $2,940 Favorable $2,940 Unfavorable $2 40 $1,260 $2 75 $1,680 Favorable $89 10 $23 10 $1,680 Unfavorable 9,100 Pounds 8,400 Pounds Standard Cost Per Unit Produced Al Variable Costs Select choice $15 60 $2,940 Favorable $2,940 Unfavorable $2 40 $1,260 $2 75 $1,680 Favorable $89 10 $23 10 $1,680 Unfavorable 9,100 Pounds 8,400 Pounds

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Portal Serviceuses a standard cost system for its single product. The following data are available: Actual experience for the current year: Purchases of Raw Materials

Portal Serviceuses a standard cost system for its single product. The following data are available: Actual experience for the current year:

Purchases of Raw Materials (8,400 Pounds)	$23,100
Raw Materials Used	8,400	Pounds
Direct Labor Costs (3,360)	$61,320
Actual Variable Overhead Cost	$26,040
Units Produced	1,400	Units

Standards per Unit of Product are:

Raw Materials	6.5 Pounds at $2.40 Per Pound
Direct Labor	2.8 Hours at $18.00 Per Hour
Variable Overhead	$8.25 Per Direct Labor Hour

INSTRUCTIONS Complete the following listed variances for raw materials, direct labor, and variable overhead, assuming that the price variance for materials is recognized at point of purchase. As was shown in the lecture and in your assignments, be sure to compute the standard and actual price (rate) and quantity for the direct materials, direct labor, and overhead.

Direct Materials Price Variance
Direct Materials Quantity Variance
Direct Labor Rate Variance
Direct Labor Efficiency Variance
Variable Overhead Spending Variance
Variable Overhead Efficiency Variance

Match each of the items below with the appropriate amount.

Matching pairs

Direct Materials - Actual Quantity
Direct Materials - Total Variance
Direct Materials - Standard Quantity
Direct Materials - Price Variance
Direct Materials - Standard Price
Direct Materials - Actual Price
Direct Materials - Quantity Variance
Standard Cost Per Unit Produced - Direct Materials
Standard Cost Per Unit Produced - Al Variable Costs