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Direct Materials, Direct Labor, and Factory Overhead Cost Variance Analysis

Eastern Polymers, Inc., processes a base chemical into plastic. Standard costs and actual costs for direct materials, direct labor, and factory overhead incurred for the manufacture of 5,200 units of product were as follows:

Required:

a. Determine the direct materials price variance, direct materials quantity variance, and total direct materials cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number.

b. Determine the direct labor rate variance, direct labor time variance, and total direct labor cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number.

c. Determine variable factory overhead controllable variance, the fixed factory overhead volume variance, and total factory overhead cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number.

Eastern Polymers, Inc., processes a base chemical into plastic. Standard costs and actual costs incurred for the manufacture of 5,200 units of product were as follows: Standard Costs Direct materials Direct labor Factory overhead Actual Costs 6,700 lbs. at $5.60 1,330 hrs. at $18.20 6,800 lbs. at $5.80 1,300 hrs. at $17.80 Rates per direct labor hr., based on 100% of normal capacity of 1,360 direct labor hrs.: Variable cost, $3.70 $4,760 variable cost Fixed cost, $5.80 $7,888 fixed cost Each unit requires 0.25 hour of direct labor. Required: a. Determine the direct materials price variance, direct materials quantity variance, and total c variance as a negative number using a minus sign and an unfavorable variance as a positive numb Price variance Quantity variance Favorable * Favorable