Variances, Total Overhead Variances, and Variance Reconciliation Sanchez Company planned to produce 10,000 units of its...

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Variances, Total Overhead Variances, and Variance Reconciliation Sanchez Company planned to produce 10,000 units of its only product during the year. Sanchez established the following standard cost data for this product prior to the beginning of the year: Direct materials (2.8 lbs. @ $7.70 per lb.) Direct labor (2.1 hrs. @ 13.80 per hr.) Variable overhead (2.1 hrs. @ 6.10 per hr.) Total standard cost per unit Total budgeted fixed overhead Per Unit $21.56 28.98 12.81 $63.35 $201,600 Assume that Sanchez (1) actually produced 9,000 units, (2) used 24,000 pounds of direct materials in production, (3) and incurred the following actual total costs: Total Cost Direct materials purchased (27,000 lbs. @ $8.00 per lb.) $216,000 Direct labor (19,000 hrs. @ 13.65 per hr.) Variable overhead Fixed overhead $259,350 $112,350 $201,600 $789,300 Total actual costs Calculate the following variances. Enter all amounts as positive numbers, rounded to the nearest dollar, and identify the variances as favorable or unfavorable: Materials price variance Amount $ 31,200 x Unfavorable Materials efficiency variance $ 31,200 x Favorable Labor rate variance $ 0 x Favorable Labor efficiency variance $ 0 x Unfavorable Variable overhead spending variance $ 0x Favorable Variable overhead efficiency variance $ 0 x Unfavorable Variances, Total Overhead Variances, and Variance Reconciliation Sanchez Company planned to produce 10,000 units of its only product during the year. Sanchez established the following standard cost data for this product prior to the beginning of the year: Direct materials (2.8 lbs. @ $7.70 per lb.) Direct labor (2.1 hrs. @ 13.80 per hr.) Variable overhead (2.1 hrs. @ 6.10 per hr.) Total standard cost per unit Total budgeted fixed overhead Per Unit $21.56 28.98 12.81 $63.35 $201,600 Assume that Sanchez (1) actually produced 9,000 units, (2) used 24,000 pounds of direct materials in production, (3) and incurred the following actual total costs: Total Cost Direct materials purchased (27,000 lbs. @ $8.00 per lb.) $216,000 Direct labor (19,000 hrs. @ 13.65 per hr.) Variable overhead Fixed overhead $259,350 $112,350 $201,600 $789,300 Total actual costs Calculate the following variances. Enter all amounts as positive numbers, rounded to the nearest dollar, and identify the variances as favorable or unfavorable: Materials price variance Amount $ 31,200 x Unfavorable Materials efficiency variance $ 31,200 x Favorable Labor rate variance $ 0 x Favorable Labor efficiency variance $ 0 x Unfavorable Variable overhead spending variance $ 0x Favorable Variable overhead efficiency variance $ 0 x Unfavorable