Continuing with the Juventus Pty Ltd example from Part 5: Assume that Juventus Pty Ltd quoted for jobs to install the Napoli oven using the following standard costs per Napoli oven: Standards Per Napoli Direct labour (20 hours x $50) $1,000 Direct materials (20 kg x $10) $200 Standard overhead (20 hours x $2.75) $55 Total per oven: $1,255 Juventus Pty Ltd planned to produce and sell 500 Napoli ovens for the year. By the end of the year, Juventus Pty Ltd had actually sold 550 Napoli ovens. The details of the ovens sold are as follows: Actuals Per Napoli Direct labour (20 hours x $51) $1,020 Direct materials (21 kg x $10) $210 Standard overhead $60 Total per oven: $1,290 You are required to: 1. Complete the following table and report on the variances. Indicate whether they are favourable (F) or adverse (A).

Answer rating: 100% (QA)

Variance Type Direct Labour Direct Materials Overhead Total Price Variance 20 F 10 F ... View the full answer