the michael scott paper company

Project Description:

the michael scott paper company had the following costs for its product for 2005:

standard cost card

cost elements standard. standard
quantity x price= cost

direct materials 4 pounds x $5 = $20
direct labor 2 hours x $10 = $20
variable overhead 2 hours x $4= $8
fixed overhead 2 hours x $2= $4
$52

the company expected to work at the 20,000 direct labor hours level of activity and produce 10,000 units of product.

actual results for 2005 were as follows:
9,500 units of product were actually produced.
direct labor costs were $184,140 for 18,600 direct labor hours actually worked.
actual direct materials purchased and used during the year cost $180,950 for 38,500 pounds.
total actual manufacturing overhead costs were $113,000.

instructions:
compute the following variances for the michael scott paper company for 2005 and indicate whether the variance is favorable or unfavorable.

1. direct materials price variance.
2. direct materials quantity variance.
3. direct labor price variance.
4. direct labor quantity variance.
5. overhead variance.

must show work to receive credit.
Skills Required:
Project Stats:

Price Type: Negotiable

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