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Toledo Chemical Company manufactures Rexide, a product used in the plastics industry. The company prepares its budget on the basis of standard costs. The
Toledo Chemical Company manufactures Rexide, a product used in the plastics industry. The company prepares its budget on the basis of standard costs. The following data are for August: Actual results: Direct material Direct labor Variable overhead Fixed overhead Units produced Standards: Direct material Direct labor Variable overhead Fixed overhead Expected activity Required: 1. Direct materials price variance: $ 2. Direct materials efficiency variance: 3. Direct labor price variance: $ 4. Direct labor efficiency variance: $ 5. Variable overhead price variance: $ 4,700 kilograms at $1.19 per kilogram 7,400 hours at $15.25 per hour $24,885 $25,900 1,200 units 4 kilograms at $1.10 per kilogram 6 hours at $15.00 per hour $3.50 per direct labor hour $26,520 7,800 direct labor hours | (Click to select) $ (Click to select) (Click to select) 6. Variable overhead efficiency variance: $ 7. Fixed overhead budget variance: 8. Fixed overhead volume variance: $ (Click to select) (Click to select) (Click to select) (Click to select) (Click to select)
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