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Problem 8-23A Computing materials, labor, and cost variances d. Labor price variance: $11,592 F g. Fixed cost volume variance: $2,820 F The following data were

Problem 8-23AComputing materials, labor, and cost variances

d. Labor price variance: $11,592 F

g. Fixed cost volume variance: $2,820 F

The following data were drawn from the records of Quentin Corporation.

image text in transcribedimage text in transcribed
Planned volume for year (static budget) 6,000 units Standard direct materials cost per unit 3.1 pounds @ $3.00 per pound Standard direct labor cost per unit 2 hours @ $8.00 per hour Total expected fixed overhead costs $56,400 Actual volume for the year (flexible budget) 6,300 units Actual direct materials cost per unit 2.7 pounds @ $4.00 per pound Actual direct labor cost per unit 2.3 hours @ $7.20 per hour Total actual fixed overhead costs $45,000Planned volume for year (static budget) 10,000 units Standard direct materials cost per unit 2 pounds @ $3.60 per pound Standard direct labor cost per unit 0.5 hour @ $30.00 per hour Total planned fixed overhead costs $24,000 Actual volume for the year (flexible budget) 10,800 units Actual direct materials cost per unit 1.9 pounds @ $3.84 per pound Actual direct labor cost per unit 0.6 hour @ $24.00 per hour Total actual fixed overhead costs $24,800

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