QS 21-10 Materials cost variances LO P3 Juan Company's output for the current period was assigned a $150,000 standard direct materials cost. The direct materials variances Included a $12,000 favorable price variance and a $2,000 favorable quantity variance. What is the actual total direct materials cost for the current period? Actual total direct materials cost The following information describes a company's direct labor usage in a recent period, Actual direct labor hours used (AH) Actual direct labor rate per hour (AR) Standard direct labor rate per hour (SR) Standard direct labor hours for units produced (SH) 65,000 $ 15 $ 14 67,000 AH = Actual Hours SH - Standard Hours AR - Actual Rate SR - Standard Rate Compute the direct labor rate and efficiency varlances for the period and classify each as favorable, unfavorable or no variance. Actual Cost Standard Cost Fogel Co. expects to produce 116,000 units for the year. The company's flexible budget for 116,000 units of production shows variable overhead costs of $162.400 and fixed overhead costs of $124.000. For the year, the company incurred actual overhead costs of $262,800 while producing 110,000 units. Compute the controllable overhead variance and classify it as favorable, unfavorable or no variance. (Round "Variable amount per unit" to 2 decimal places.) Flexible Budget Variable Amount per Unit Total Fixed Cost Flexible Budget at.... 116,000 units 110,000 units Total Nexible budget Controllable Overhead Variance Controllable overhead variance A manufactured product has the following information for June. Direct materials Direct labor Overhead Units manufactured Standard 6 lbs. @ $8 per 1b. 2 hrs. @ $16 per hr. 2 hrs. $12 per hr. Actual 48,560 lbs. @ $8.10 per lb. 15,700 hrs. @ $16.50 per hr. $198,000 8,000 Exercise 21-8 Standard unit cost; total cost variance LO P2 (1) Compute the standard cost per unit. (2) Compute the total cost variance for June. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the standard cost per unit. Direct materials Direct labor Overhead Total Amanufactured product has the following information for June. Direct materials Direct labor Overhead Units manufactured Standard 6 lbs. @ $8 per lb. 2 hrs. @ $16 per hr. 2 hrs. $12 per hr. Actual 48,560 lbs. @ $8.10 per lb. 15,700 hrs. $16.50 per hr. $198,000 8,000 Exercise 21-8 Standard unit cost; total cost variance LO P2 1) Compute the standard cost per unit. 2) Compute the total cost variance for June. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the total cost variance for June (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance.) Total cost Vanco Direct materials Direct labor Overhead Units manufactured Standard 6 lbs. @ $8 per lb. 2 hrs. @ $16 per hr. 2 hrs. @ $12 per hr. Actual 48,500 lbs. @ $8.10 per lb. 15,70 hrs. @ $16.5e per hr. $198,000 8,000 Exercise 21-9 Direct materials variances LO P3 Compute the direct materials price variance and the direct materials quantity variance. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance. Round "Cost per unit" answers to 2 decimal places.) AQ - Actual Quantity SQ-Standard Quantity AP = Actual Price SP - Standard Price Actual Cost Standard Cost Direct materials Direct labor Overhead Units manufactured 6 lbs. @ $8 per lb. 2 hrs. $16 per hr. 2 hrs. $12 per hr 48,500 lbs. @ $8.10 per lb. 15,700 hrs. @ $16.50 per hr. $198,800 8,000 Exercise 21-10 Direct labor variances LO P3 Compute the direct labor rate variance and the direct labor efficiency variance. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance. Round "Rote per hour" answers to 2 decimal places.) AH = Actual Hours SH - Standard Hours AR= Actual Rate SR - Standard Rate Actual Cost Standard Cost
