Requirement 1. Compute cost and efficiency variances for direct materials, direct labor, and variable overhead.

Select the formulas to calculate direct materials cost and efficiency variances, then enter the variance amounts and the total. (Abbreviations used: AC = actual cost; AQ = actual quantity; FOH = fixed overhead; SC = standard cost; SQ = standard quantity. Label each variance as favorable (F) or unfavorable (U). Enter a "0" for any zero balances. For any $0 variances, leave the Favorable (F)/Unfavorable (U) input blank.)

		Formula		Variance
Direct materials cost variance	=		=
Direct materials efficiency variance	=		=
Total direct materials variance

Next, select the formulas to calculate direct labor cost and efficiency variances, then enter the variance amounts and the total. (Abbreviations used: AC = actual cost; AQ = actual quantity; FOH = fixed overhead; SC = standard cost; SQ = standard quantity. Label each variance as favorable (F) or unfavorable (U).)

		Formula		Variance
Direct labor cost variance	=		=
Direct labor efficiency variance	=		=
Total direct labor variance

Finally, select the formulas to calculate the variable overhead cost and efficiency variances, then enter the variance amounts and the total. (Abbreviations used: AC = actual cost; AQ = actual quantity; FOH = fixed overhead; SC = standard cost; SQ = standard quantity; VOH = variable overhead.)

		Formula		Variance
VOH cost variance	=		=
VOH efficiency variance	=		=
Total variable overhead variance

Requirement

2.

Compute the cost and volume variances for fixed overhead.

Select the formulas to calculate the fixed overhead cost and volume variances, then enter the variance amounts and the total. (Abbreviations used: AC = actual cost; AQ = actual quantity; FOH = fixed overhead; SC = standard cost; SQ = standard quantity. Label each variance as favorable (F) or unfavorable (U). Enter a "0" for any zero balances. For any $0 variances, leave the Favorable (F)/Unfavorable (U) input blank.)

		Formula		Variance
FOH cost variance	=		=
FOH volume variance	=		=
Total fixed overhead variance

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Maloney Company produced 13,000 book bags in June, and actual amounts were as follows: (Click the icon to view the actual amounts.) Maloney's standards were as follows: (Click the icon to view the standards.) Requirements 1. Compute cost and efficiency variances for direct materials, direct labor, and variable overhead. 2. Compute the cost and volume variances for fixed overhead. Formula Variance VOHO Data Table VOH A Data Table - X Requi Direct materials (cloth) Direct materials (cloth) 26,400 yards @ $2.20 per yard Direct labor 2 yard(s) per book bag @ $2.20 per yard 0.60 direct labor hours per book bag @ $9.50 per direct labor hour 0.60 direct labor hours per book bag @ $2.50 per direct labor hour $84,000 (0.60 direct labor hours per book bag @ $10.00 per direct labor hour) Direct labor Select overhe (U) inpl 2,600 hours @ $9.00 per hour Variable overhead Variable overhead $ Fixed overhead 5,200 86,300 Fixed overhead FOHO Print Done Print Done FOHV Total fixed overhead variance Choose from any list or enter any number in the input fields and then continue to the next