ACCT 2060-Chapter 10 In Class Bonus Point 1. Chapter 10: ABC Corporation makes a product with the following standard costs: Standard Price or Standard Cost per unit of output Standard Quantity Or Hours Rate Direct Materials Direct Labor Variable Overhead 4.3 pounds 0.7 hours $6.00 per pound $20.00 per hours $2.00 per hours $25.80 $14.00 $1.40 0.7 hours The company reported the following results concerning this product in September: Originally budgeted output Actual output Raw materials used in production Purchases of raw materials Actual direct labor hours Actual cost of raw materials purchases Actual direct labor cost Actual variable overhead cost 1,900 units 1,700 units 7,210 pounds 7,600 pounds 1,260 hours $43.320 $25,578 $2,394 The company applies variable overhead on the basis of direct labor hours. The direct material purchases variance is computed when the materials are purchased. Required: a. Compute the material price variance b. Compute the material quantity variance c. Compute the labor rate variance d. Compute the labor efficiency variance e. Compute the variable overhead rate variance d. Compute the variable overhead efficiency variance 2. Chapter 10: The XYZ Credit Card Inc. uses standards to control the labor time involved in opening mails from card holders and recording the enclosed remittances. Incoming mail is gathered into batches, and a standard time is set for opening and recording each batch. The labor standards relating to one batch are as follows: Standard Cost per unit of output Standard Quantity Standard Price or Or Hours Per batch 1.25 $12.00 $15.00 The record showing the time spent last week in opening batches of mail has been misplaced. However, the batch supervisor recalls that 168 batches were received and opened during the week, and the controller recalls the following variance data relating to these batches: Total labor spending variance Labor rate variance S330 U S150 F Required: a. Determine the number of actual labor hours spent opening the batches during the week. b. Determine the actual hourly rate paid to employees for opening the batches last weelk