Material, Labor, and Variable Overhead Variances

The following summarized manufacturing data relate to Thomas Corporation$$s April operations, during which $2,000$ finished units of product were produced. Normal monthly capacity is $1,100$ direct labor hours.

Standard Units Costs Total Actual Costs

Direct material

Standard $(2$ lb$.$ @ $$9\mathrm{.}00/$lb$.)$ $$18$

Actual $(4,200$ lb$.$ @ $$10\mathrm{.}20/$lb$.)$ $$42,840$

Direct labor

Standard $(0\mathrm{.}5$ hr$.$ @ $$24/$hr$.)$ $$12$

Actual $(950$ hrs$.$ @ $$23\mathrm{.}40/$hr$.)22,230$

Variable overhead

Standard $(0\mathrm{.}5$ hr$.$ @ $$6/$hr$.)$ $$3$

Actual $-6,450$

Total $$33$ $$71,520$

Determine the following variances:

Do not use negative signs with any of your answers. Next to each variance answer, select either $"$F$"$ for Favorable or $"$U$"$ for Unfavorable.

Materials Variances

Actual cost: Answer

Split cost: Answer

Standard cost: Answer

Materials price Answer

Answer

Materials efficiency Answer

Answer

Labor Variances

Actual cost: Answer

Split cost: Answer

Standard cost: Answer

Labor rate Answer

Answer

Labor efficiency Answer

Answer

Variable Overhead Variances

Actual cost: Answer

Split cost: Answer

Standard cost: Answer

Variable overhead spending Answer

Answer

Variable overhead efficiency Answer

Answer