1 QUESTION 2 STD COSTING AND VARIANCE ANALYSIS The following data is available for Vintage Glow Inc. for the production of one of their products Glow firelights. Their cost accountant has sought your help in the calculation of the following variances, given that you are their star internship summer student from the department of Business Innovation and Sustainable Entrepreneurship Unit of the SALCC. Details Actual price paid for material Standard price paid for material Actual quantity purchased and used in production Standard quantity for units produced Actual labor rate per hour Standard labor rate per hour Actual hours Standard hours for units produced Variable overhead per unit (budgeted) Variable overhead per unit spent Planned production Actual production Cost ($) 15 16 1,500 1,550 10 11 900 890 1.50 1.40 3,000 3,500

The following data is available for Vintage Glow Inc for the production of one of their products Glow firelights. Their cost accountant has sought your help in the calculation of the following variances, given that you are their star internship summer student from the department of Business Innovation and Sustainable Entrepreneurship Unit of the SALCC. Required. (Calculate the following and clearly state whether the vanance is favorable or unfavorable) a Material price variance b. Material quantity variance c. Total material variance d Labor rate vanance e. Labor efficiency variance f. Total labor variance g. Variable overhead spending variance h. Variable overhead efficiency variance 1. Total variable overhead variance