A company produces and sells a single product. The standard cost card for that product follows:...

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A company produces and sells a single product. The standard cost card for that product follows: Direct Materials Standard Quantity 2 feet Standard Price/Rate Direct Labor Variable Overhead Fixed Overhead $8.45 per foot 1.4 hours $16 per hour 1.4 hours 1.4 hours $2.50 per hour $6,00 per hour The following additional information is available for the year just ended: a. The company manufactured 30,000 unit of product during the year. b. A total of 64,000 feet of material was purchased and used during the year, at a cost of $8.55 per foot. C. The company worked 43,500 direct labor hours during the year at a direct labor cost of $15.80 per hour. d. Overhead is applied to products on the basis of standard direct labor hours. Data related to overhead follows: Denominator activity level (direct labor hours) 35,000 hours Budgeted fixed overhead costs $210,000 Actual variable overhead costs $108,000 $211,800 Compute: Actual fixed overhead costs incurred 1. Material price and quantity variances 2. Direct labor rate and efficiency variances 3. Variable overhead rate and efficiency variances 4. Fixed overhead budget and volume variances A company produces and sells a single product. The standard cost card for that product follows: Direct Materials Standard Quantity 2 feet Standard Price/Rate Direct Labor Variable Overhead Fixed Overhead $8.45 per foot 1.4 hours $16 per hour 1.4 hours 1.4 hours $2.50 per hour $6,00 per hour The following additional information is available for the year just ended: a. The company manufactured 30,000 unit of product during the year. b. A total of 64,000 feet of material was purchased and used during the year, at a cost of $8.55 per foot. C. The company worked 43,500 direct labor hours during the year at a direct labor cost of $15.80 per hour. d. Overhead is applied to products on the basis of standard direct labor hours. Data related to overhead follows: Denominator activity level (direct labor hours) 35,000 hours Budgeted fixed overhead costs $210,000 Actual variable overhead costs $108,000 $211,800 Compute: Actual fixed overhead costs incurred 1. Material price and quantity variances 2. Direct labor rate and efficiency variances 3. Variable overhead rate and efficiency variances 4. Fixed overhead budget and volume variances

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To compute the variances we will compare the actual costs and ... View the full answer