Please answer QUESTION:1

Note: all the required items.

VARIANCE ANALYSIS Question 1 Xavier Company produces a single product Variable manufacturing overhead is applied to products on the basis of direct labor-hours. The standard costs for one unit of product are as follows: Direct material: 6 ounces at $0.57 per ounce ........... $ 3.42 Direct labor: 1.8 hours at $10.50 per hour ............. 18.90 Variable manufacturing overhead: 1.8 hours at $5 per hour ..............9 Total standard variable cost per unit. .......... $31.32 During June, 8,000 units were produced. The costs associated with June's operations were as follows: Material purchased: 72,000 ounces at $0.66 per ounce .............. $47,520 Material used in production: 56,000 ounces ... Direct labor: 16,000 hours at $9.85 per hour .............................. $157,600 Variable manufacturing overhead costs incurred ......................... $83,200 Actual Fixed Overhead $308,000 Budgeted Fixed Overhead (50k machine hours x 6/hour) $300,000 Fixed Overhead Applied to WIP (40k machine hours X $6/hour) $240,000 REQUIRED: DM Rate and Quantity Variance, DL Rate, Efficiency and total variance, Variable Mfg Overhead Rate, Efficiency, and total variance, Fixed Overhead Budget, Volumne, and total variance SHOW ALL Work