The following data pertains to the month of October for ElmCo. Elmco. budgeted to sell 5,000 units of product P90 at $53 per unit. Production of P90 was also scheduled to equal 5,000 units. The budgeted costs for each unit of P90 were:

Direct materials 3 lbs. at $7.00 per lb.

Direct labor 0.20 labor hours at $18.00 per hour

Machine hours 0.05 machine hours at $50 per hour (variable overhead)

Fixed Mfg OH $60,000 for the month.

Fixed overhead is applied to WIP on the basis of a pre-determined fixed overhead rate and actual direct labor hours used.

Actual production and sales of P90 in October was 4,600 units. Elmco. recorded the following costs:

Direct materials 15,100 lbs of material costing a total of $107,550.

Direct labor 1,012 hours costing a total of $16,951

Machine hours 235 machine hours with variable overhead costs totaling $12,435

Fixed Mfg OH $62,400 for the month

Determine the following amounts. It is helpful to also know whether each variance is favorable or unfavorable. Note that I am using the naming convention for these variances given in the text. If a variance calculation results in a negative value, be sure to enter your answer as a negative number

Note: this is a timed quiz. You may check the remaining time you have at any point while taking the quiz by pressing the keyboard combination SHIFT, ALT, and T... Again: SHIFT, ALT, and T...

Flag question: Question 1Question 110 pts

Determine the Direct Materials Price Variance

Determine the Direct Materials Quantity Variance.

Determine the Direct Labor Rate Variance

Determine the Direct Labor Efficiency Variance

Determine the Variable overhead Spending or Price Variance

Determine the Variable overhead Efficiency Variance

Determine the Fixed overhead Price Variance

Determine the Fixed overhead Production Volume Variance.

Determine the Sales Price Variance based on revenues. Assume an actual average sales price of $51.50 per unit.

Determine the Sales Volume or Activity Variance based on revenues.