Question
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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