Question: Please Show step by step process with work. The following information is for the standard and actual costs for the Happy Corporation: Standard Costs: Budgeted

Please Show step by step process with work.

Please Show step by step process with work. The following information is

The following information is for the standard and actual costs for the Happy Corporation: Standard Costs: Budgeted units of production - 16,000 (100% of normal capacity] Standard labor hours per unit - 4 Standard labor rate - $25 per hour Standard material per unit - 8 lbs. Standard material cost - $13 per pound Standard variable overhead rate - $15 per labor hour Budgeted fixed overhead - $640,000 Fixed overhead rate is based on budgeted labor hours at 100% of normal capacity. Actual Cost: Actual production - 16,500 units Actual material purchased and used - 129,000 pounds Actual total material cost - $1,650,000 Actual labor - 65,000 hours Actual total labor costs - $1,650,000 Actual variable overhead - $1,010,000 Actual fixed overhead - $650,000 Determine: (a) the direct materials quantity variance, price variance, and total cost variance; (b) the direct labor time variance, rate variance, and total cost variance; and (c) the fixed factory overhead volume variance, variable factory overhead controllable variance, and total factory overhead cost variance. (Note: All detailed calculations need to be submitted. If you just submit the variance without the detailed calculations, it will not be correct. Remember to indicate For U for all variances

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