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Problem 8-23A Computing materials, labor, and cost variances LO 8-5, 8-6 The following data were drawn from the records of Perez Corporation Planned volume for year (static budget) Standard direct materials cost per unit Standard direct labor cost per unit Total expected fixed overhead costs Actual volume for the year (flexible budget) Actual direct materials cost per unit Actual direct labor cost per unit Total actual fixed overhead costs 4,1ee units 2.90 pounds @ $1.90 per pound 2.60 hours $3.5e per hour $20,918 4,300 units 2.60 pounds @ $2.30 per pound 3.10 hours 53.20 per hour $16,410 Required a. Prepare a materials vartance Information table showing the standard price, the actual price, the standard quantity, and the actual quantity b. Calculate the materials price and usage variances. Indicate whether the variances are favorable (F) or unfavorable (U). c. Prepare a labor variance Information table showing the standard price, the actual price, the standard hours, and the actual hours. d. Calculate the labor price and usage variances, indicate whether the variances are favorable (F) or unfavorable (U). e. Calculate the predetermined overhead rate, assuming that Perez uses the number of units as the allocation base 1. Calculate the fixed cost spending variance. Indicate whether the variance is favorable (F) or unfavorable (U). g. Calculate the fixed cost volume variance Indicate whether the variance is favorable (F) or unfavorable (U) Complete this question by entering your answers in the tabs below. Req A Rege Reac Req D Reg E to G Prepare a materials variance information table showing the standard price, the actual price, the standard quantity, and the actual quantity. (Round "Standard price" and "Actual price to 2 decimal places.) Materials Variance Information Table Standard price Actual price Standard quantity for flexible budget Actual quantity used per pound per pound pounds pounds Req8 > Complete this question by entering your answers in the tabs below. Reg A Reg B Reg. c Reg D Reg E to G Calculate the materials pnce and usage variances. Indicate whether the variances are favorable (F) or unfavorable (U). (Select "None if there is no effectie, zero variance) Material price variance Material usage variance Reg. A Reg Reg C Reg D Reg E to G Prepare a labor variance information table showing the standard price, the actual price, the standard hours, and the actual hours. (Round "Standard price" and "Actual pnce" to 2 decimal places.) Labor Varance Information Table Standard price Actual price Standard hours for flexible budget Actual hours used per hour per hour Complete this question by entering your answers in the tabs below. Reg A Reg B Reg C Red D Reg E to G Calculate the labor price and usage variances. Indicate whether the variances are favorable (F) or unfavorable (U). (Select None if there is no effect (ezero variance).) Labor price variance Labor usage variance Complete this question by entering your answers in the tabs below. Reg A Rog B Reqc ReqD Reg E to G Calculate the predetermined overhead rate, assuming that Perez uses the number of units as the allocation base. Calculate the fixed cost spending variance and the fixed cost volume variance. Indicate whether the variance is favorable (F) or unfavorable (U). (Round "Predetermined overhead rate" answer to 2 decimal places. Select "None" if there is no effect (t.ee zero variance)) Show less per unit e. Predetermined overhead rate Fixed cost spending variance 9 Fixed cost volume variance
