The standard costs for the manufacture of the coolers were as follows: Direct materials. Direct labor...

  

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The standard costs for the manufacture of the coolers were as follows: Direct materials. Direct labor Factory overhead Standard Costs 2,250 pounds. at $22 8,500 hrs. at $12 Rates per labor hour, based on 100% of normal capacity of 11,000 labor hrs. Variable cost, $5.50 Fixed cost, $5.15 Actual Costs 2,750 pounds at $21.00 9,500 hrs. at $13 $28,810 variable cost $56,650fixed cost REQUIRED: 1. Determine the direct materials price variance, direct materials quantity variance, and total direct materials cost variance. 2. Determine the direct labor rate variance, direct labor time variance, and total direct labor cost variance. 3. Determine the variable factory overhead controllable variance, fixed factory overhead volume variance, and total factory overhead cost variance. The standard costs for the manufacture of the coolers were as follows: Direct materials. Direct labor Factory overhead Standard Costs 2,250 pounds. at $22 8,500 hrs. at $12 Rates per labor hour, based on 100% of normal capacity of 11,000 labor hrs. Variable cost, $5.50 Fixed cost, $5.15 Actual Costs 2,750 pounds at $21.00 9,500 hrs. at $13 $28,810 variable cost $56,650fixed cost REQUIRED: 1. Determine the direct materials price variance, direct materials quantity variance, and total direct materials cost variance. 2. Determine the direct labor rate variance, direct labor time variance, and total direct labor cost variance. 3. Determine the variable factory overhead controllable variance, fixed factory overhead volume variance, and total factory overhead cost variance.

Answer rating: 100% (QA)

To calculate the variances and costs well use the following formulas 1 Direct Materials Variances Direct Materials Price Variance Standard Price Actua... View the full answer