The following data were drawn from the records of Finch Corporation.

Planned volume for year (static budget)		4,700	units
Standard direct materials cost per unit		2.40	pounds	@	$	1.70	per pound
Standard direct labor cost per unit		2.80	hours	@	$	3.40	per hour
Total expected fixed overhead costs	$	23,970
Actual volume for the year (flexible budget)		5,100	units
Actual direct materials cost per unit		2.10	pounds	@	$	2.30	per pound
Actual direct labor cost per unit		3.10	hours	@	$	2.90	per hour
Total actual fixed overhead costs	$	19,770

Required

Prepare a materials variance information table showing the standard price, the actual price, the standard quantity, and the actual quantity.

Calculate the materials price and usage variances. Indicate whether the variances are favorable (F) or unfavorable (U).

Prepare a labor variance information table showing the standard price, the actual price, the standard hours, and the actual hours.

Calculate the labor price and usage variances. Indicate whether the variances are favorable (F) or unfavorable (U).

Calculate the predetermined overhead rate, assuming that Finch uses the number of units as the allocation base.

Calculate the fixed cost spending variance. Indicate whether the variance is favorable (F) or unfavorable (U).

Calculate the fixed cost volume variance. Indicate whether the variance is favorable (F) or unfavorable (U).

Required A

Materials Variance Information Table
Standard price		per pound
Actual price		per pound
Standard quantity for flexible budget		pounds
Actual quantity used		pounds

Required B

Material price variance		U
Material usage variance		F

Required C

Labor Variance Information Table
Standard price		per hour
Actual price		per hour
Standard hours for flexible budget
Actual hours used

Required D

Labor price variance		F
Labor usage variance		U

Required D

e.	Predetermined overhead rate		per unit
f.	Fixed cost spending variance		F
g.	Fixed cost volume variance		F