7 j / = V\\ / U E mybusinesscourse.com CA iii nun 6% Return to course 13 Support' :: My Subscriptions 0 Quinn Thornton ' Material, Labor, and Variable Overhead Variances The foilowing summarized manufacturing data relate to Thomas Corporation's April operations, during which 2,000 nished units of product were produced. Normal monthly capacity is 1,100 direct labor hours. Standard U ' Costs TotalActualCosts Direct material Standard (2 lb @ $17.00/Ib') $34 Actual (4,200 lb. @ $17.80/lb.) $74,760 Direct labor Standard (05 hrt @ $32/hrt) $16 Actual (950 hrs. @ $31/hr.) 29,450 Variable overhead Standard (05 hrt @ $14/hrt) $7 Actual - 14,450 Total 357 $118,660 Determine the following variances: Do not use negative signs with any of your answers. Next to each variance answer, select either "F" for Favorable or "U" for Unfavorable. Materials Variances Actual cost: $ 74,760 0/ Split cost: $ 0 at Standard cost: 3 0 3: Materials price $ 0 X U : v Materials efficiency $ 0 X U 6 \"i Labor Variances Actual cost: 3 0 3: Split cost: $ 0 a: Standard cost: $ 0 x Labor rate 3 0 X F v Labor efficiency $ 7 0 x F r r e v Variable Overhead Variances Actual cost: is 0 xi it n vi chm M". 'i'l' w ' 0 l' E mybusinesscourse.com (f, l'l'l 333 I M6: M50 Exercises Ch' 10 & 1'l 1* Return [0 course (3} Support' :: My Subscriptions 0 Quinn Thornton ' nrec a-or " I Standard (0.5 hr. @ $32/hr.) ' $16 ' Actual (950 hrs. @ $31/hr.) ' 29,450 Variable overhead ' ' Standard (0.5 hr. @ $14/hr.) ' $7 ' Actual ' - 14,450 Total ' $57 $118,660 Determine the following variances: Do not use negative signs with any of your answers Next to each variance answer, select either "F" for Favorable or "U" for Unfavorable. Materials Variances Actual cost: '3 74,760 v Split cost: '5 0 at Standard cost: '$ 0 x Materials price '$ 0 x U 6 ' Materials efficiency'$ 0 3' U 1 Labor Variances Actual cost: $ 0 3: Split cost: $ 0 x' Standard cost: $ 0 x' Labor rate $ 0 x' F c v Labor efficiency $ 0 x:F 9 v Variable Overhead Variances Actual cost: is\" , ,0, x Split cost: S O x Standard cost: '5 0 3\" Variable overhead spending '3 0 X ' U v Variable overhead efficiency S O X ' F \\f Vnu hann rnrrnrtlu calmfor! 7