Lido Company's standard and actual costs per unit for the most recent period, during which 400 units were actually produced, are given below:
Standard Actual
Materials:
Standard: 2 foot at $1.50 per foot.................................. $3.00
Actual: 2.1 foot at $1.60 per foot...................................$3.36
Direct Labor:
Standard: 1.5 hours at $6.00 per hour...............................9.00
Actual: 1.4 hours at $6.50 per hour..................................9.10
Variable overhead:
Standard: 1.5 hours at $3.40 per hour...............................5.10
Actual: 1.4 hours at $3.10 per hour.................................4.34
Total unit cost............................................. $17.10 $16.80
Required:
From the foregoing information, compute the following variances. Show whether the variance is favorable (F) or unfavorable (U):
a. Materials price variance.
b. Materials quantity variance.
c. Direct labor rate variance.
d. Direct labor efficiency variance.
e. Variable overhead rate variance.
f. Variable overhead efficiency variance