Requirement 1

Direct materials cost variance	=
Direct labor cost variance	=

		Formula		variance
Direct materials efficiency variance	=
Direct labor efficiency variance	=

Requirement 2

		Formula		variance
VOH cost variance	=
VOH efficiency variance	=

		Formula		variance
FOH cost variance
FOH efficiency variance

solve for the other requirements too please

Homework: Chapter 23 Problems Save HW Score: 3.21% , 0.38 of 12 pts Score: 0.38 of 6 pts 2 of 2 (1 complete) P23-28A (similar to) Question Help Preston manufactures coffee mugs that it sells to other companies for customizing with their own logos. Preston prepares flexible budgets and uses a standard cost system to control manufacturing costs. The standard unit cost of a coffee mug is based on static budget volume of 59,700 coffee mugs per month: (Click the icon to view the cost data. Actual cost and production information for July 2018 follows: (Click the icon to view actual cost and production information.) Read the requirements More Info Requirement 1. Compute the cost and efficiency variances for direct materials and direct labor. Begin with the cost variances. Select the required formulas, compute the cost variances for direct materials and direct labor, and identify whether ead actual quantity; FOH fixed overhead; SC standard cost; SQ standard quantity.) There were no beginning or ending inventory balances. All expenditures were on a. account. Formula Variance b. Actu i and sales were 62,400 coffee mugs. (AC - SC) x AQ 800 F Direct materials cost variance al cost of $0.17 per lb. 10.000 lbs 4,060 U Actual direct labor usage was 203,000 minutes at a total cost of $32,480. Actual overhead cost was $11,165 variable and $29,335 fixed. (AC SC) x AQ d Direct labor cost variance Select the required formulas, compute the efficiency variances for direct materials and direct labor, and identify whether each variance is favorable (F overhead f. Selling and administrative costs were $120,000. standard cost; SC standard quantity.) Formula Variance iData Table Print Done (AQ - SQ) x SC Direct materials officiency variance Direct labor efficiency variance 0.25 per Ib) Direct Materials 0.2 lbs @S 0.05 3 minutes S 0.14 per minute) 0.42 Direct Labor Manufacturing Overhead: 3 minutes S 0.06 per minute) Variable 0.18 0,45 0.63 3 minutes @S Fixed 5 per minute) the input fields and then click Check Answer. Choose from any list or enter any number S 1.10 Total Cost per Coffee Mug 11 Parts remaining Check Answer Print Done