Calculate the following (be sure to label variances as F/U): 1) What is the materials price variance?
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Question:
Calculate the following (be sure to label variances as F/U):
1) What is the materials price variance?
2) What is the materials quantity variance?
3) What is the labor rate variance?
4) What is the labor efficiency variance?
5) What is the variable OH rate variance?
6) What is the variable OH efficiency variance?
The answer below:
1) MPV = $8,880 Favorable
2) MQV = $5,360 Unfavorable
3) LRV = $2,140 Unfavorable
4) LEV = $600 Favorable
5) VOHRV = $760 Unfavorable
6) VOHEV = $320 Favorable
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