Boat Buddy makes a paddle boat with the following standard costs per unit produced: Standard Quantity/Efficiency...

 

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Boat Buddy makes a paddle boat with the following standard costs per unit produced: Standard Quantity/Efficiency 3.25 lbs per unit produced Standard Price/Rate 40 hrs per unit produced 40 per unit produced Direct Materials Direct Labor Mfg OH Actual Results: $4.50 per lb $19.00 per hr $4.25 per hr 8,000 units produced Direct material - Actually purchased 25,000 lbs at $4.60 per lb. Direct Labor - Payroll totaled $71,250 for actual hours worked of 3,750 hours Overhead Cost-Actual overhead costs was $18,750 allocated based on actual direct labor hours Required: a. Compute the total product cost (standard and actual) and calculate product cost variance (7pts) b. Compute the total materials quantity variance. (3pts) c. Compute the materials price variance. (3pts) d. Compute the total labor efficiency variance. (3pts) e. Compute the labor rate variance. (3pts) f. Compute the total variable overhead efficiency variance. (3pts) g. Compute the variable overhead rate variance. (3pts) Boat Buddy makes a paddle boat with the following standard costs per unit produced: Standard Quantity/Efficiency 3.25 lbs per unit produced Standard Price/Rate 40 hrs per unit produced 40 per unit produced Direct Materials Direct Labor Mfg OH Actual Results: $4.50 per lb $19.00 per hr $4.25 per hr 8,000 units produced Direct material - Actually purchased 25,000 lbs at $4.60 per lb. Direct Labor - Payroll totaled $71,250 for actual hours worked of 3,750 hours Overhead Cost-Actual overhead costs was $18,750 allocated based on actual direct labor hours Required: a. Compute the total product cost (standard and actual) and calculate product cost variance (7pts) b. Compute the total materials quantity variance. (3pts) c. Compute the materials price variance. (3pts) d. Compute the total labor efficiency variance. (3pts) e. Compute the labor rate variance. (3pts) f. Compute the total variable overhead efficiency variance. (3pts) g. Compute the variable overhead rate variance. (3pts)

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