Question: Help with Variable Overhead Rate Variance, Variable Overhead Efficiency Variance, Variable Overhead Spending Variance, Fixed Overhead Spending Variance, and Fixed overhead Volume Variance. Thank you


Help with Variable Overhead Rate Variance, Variable Overhead Efficiency Variance, Variable Overhead Spending Variance, Fixed Overhead Spending Variance, and Fixed overhead Volume Variance. Thank you
Rip Tide Company manufactures surfboards. Its standard cost information follows: Standard Quantity 15 sq. ft. 10 hrs. Standard Price (Rate) $ 5 per sq. ft. $15 per hr. Standard Unit Cost $ 75.00 150.00 Direct materials (fiberglass) Direct labor Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead ($24,000 - 300 units) 10 hrs. $ 6 per hr 60.00 80.00 Rip Tide has the following actual results for the month of June: Number of units produced and sold Number of square feet of fiberglass used Cost of fiberglass used Number of labor hours worked Direct labor cost Variable overhead cost Fixed overhead cost 317 4,970 $27,335 3,110 $48,827 $15,290 $24,850 Required: 1. Calculate the direct materials price, quantity, and total spending variances for Rip Tide. 2. Calculate the direct labor rate, efficiency, and total spending variances for Rip Tide. 3. Calculate the variable overhead rate, efficiency, and total spending variances for Rip Tide. 4. Calculate the fixed overhead spending (budget) and volume variances for Rip Tide. Required 1 Required 2 Required 3 Required 4 Calculate the variable overhead rate, efficiency, and total spending variances for Rip Tide. (Do not round your intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance).) Variable Overhead Rate Variance Variable Overhead Efficiency Variance Variable Overhead Spending Variance Required 1 Required 2 Required 3 Required 4 Calculate the fixed overhead spending (budget) and volume variances for Rip Tide. (Do not round your intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance).) Fixed Overhead Spending Variance Fixed Overhead Volume Variance
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
