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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 following

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

4,700 kilograms at $1.19 per kilogram

Direct labor

7,400 hours at $15.25 per hour

Variable overhead

$24,885

Fixed overhead

$25,900

Units produced

1,200 units

Standards:

Direct material

4 kilograms at $1.10 per kilogram

Direct labor

6 hours at $15.00 per hour

Variable overhead

$3.50 per direct labor hour

Fixed overhead

$26,520

Expected activity

7,800 direct labor hours

Required:

1. Direct materials price variance: $ (Click to select)UFNone

2. Direct materials efficiency variance: $ (Click to select)UFNone

3. Direct labor price variance: $ (Click to select)UFNone

4. Direct labor efficiency variance: $ (Click to select)UFNone

5. Variable overhead price variance: $ (Click to select)UFNone

6. Variable overhead efficiency variance: $ (Click to select)UFNone

7. Fixed overhead budget variance: $ (Click to select)UFNone

8. Fixed overhead volume variance: $ (Click to select)UFNone

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