You are a new junior accountant at

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Corporation, maker of lenses for eyeglasses. Your company sells generic-quality lenses for a moderate price. Your boss, the controller, has given you the latest month's report for the lens trade association. This report includes information related to operations for your firm and three of your competitors within the trade association. The report also includes information related to the industry benchmark for each line item in the report. You do not know which firm is which, except that you know you are firm A.

Now calculate the direct materials and direct manufacturing labor price and efficiency variances for the four firms using the industry standard as a benchmark. Calculate the percent over standard for each firm and each variance. Label each variance as favorable (F) or unfavorable (U). (Round all amounts to two decimal places. For amounts with a $0 balance, make sure to enter "0" in the appropriate field. If the variance is zero, do not select a label. Use parentheses or a minus sign for percentages under standard. Abbreviation used: var = variance)

0 Requirements 1. Calculate the total variable cost per unit for each firm in the trade association Compute the percent of total for the material, labor, and variable overhead components 2. Using the trade association's industry benchmark, calculate direct materials and direct manufacturing labor price and efficiency variances for the four firms. Calculate the percent over standard for each firm and each variance. Print Done 1 Data Table Unit Variable Costs - Member Firms For the Month Ended September 30, 2017 Firm A Firm B Firm C Firm D Industry Benchmark Materials input 2.15 2.25 2.40 2.65 2 .15 oz. of glass Materials price $ 5.30 $ 6.05 $ 5.40 $ 5.10 $ 5.40 per oz. Labor-hours used 0.90 0.75 1.05 1.15 1.15 hours Wage rate $ 15.50 $ 16.00 $ 15.75 $ 17.00 $ 13.50 per DLH Variable overhead rate $ 10.00 $ 12.75 $ 7.75 $ 11.75 $ 13.00 per DLH 0.90 Print Done