MANAGERIAL ACCOUNTING QUIZ 5 Score Name Section Problem (10 points) Kazoo Food Products manufactures microwave dinners featuring various entrees. The companyuses standard costs to control production for all manufacturing. One of these dinners, the "Road Kill Gourmet Dinner", had the attachcd standards. The company expects to manufacture 1,000 of these dinners per month. The actual results for the month of June are attached. REQUIRED: Compute the following variances using the attached data. (a) (b) (c) (d) Direct materials price variance based upon material purchased. Direct materials quantity variance based upon material used. Direct labor rate variance. Direct labor efficiency variance. Variable manufacturing overhead spending variance. Variable manufacturing overhead effficiency variance. Fixed manufacturing overhead spending variance. Fixed manufacturing overhead volume variance (e) (f) (g) (h) KAZOO FOOD PRODUCTS STANDARDS FOR PRODUCTION OF ONE "ROAD KILL GOURMET DINNER" 1.5 pounds at $4.00 per pound Food materials Assembly labor 2.0 labor hours at S8.00 per labor hour Variable manufacturing overhead 4.0 machine hours at $2.00 per machine hour Fixed manufacturing overhead 4.0 machine hours at $3.00 per machine hour KAZOO FOOD PRODUCTS ACTUAL RESULTS FOR PRODUCTION FOR MONTH OF MAY S 8,500 Actual variable manufacturing overhead S 12,500 Actual fixed manufacturing overhead Actual dinners produced 850 Actual machine hours used 3,700 1,850 hours at a total cost of $19,500 Actual direct labor used 1,325 pounds Actual food materials used Actual food materials purechased 1,500 pounds at a total cost of $5,800