The Multi-Tool Manufacturing Company uses a standard cost system. Stephanie Roget, a financial analyst for Multi-Tool Manufacturing Company, has been given information with respect to

The Multi-Tool Manufacturing Company uses a standard cost system. Stéphanie Roget, a financial analyst for Multi-Tool Manufacturing Company, has been given information with respect to standard cost variances for one of the plants. These variances are given below.

She has determined that the company has manufactured 50,000 units of product with standard costs as follows:

The actual fixed factory overhead was equal to the master budgeted fixed factory overhead. Ms. Roget would like to use the variances to develop some of the cost data for the fiscal period.
Instructions
(a) How many units of the product should be manufactured at the master budget capacity?
(b) Determine the total fixed factory overhead for the master budget.
(c) How many direct labour hours should have been used to manufacture 50,000 units of product?
(d) How many direct labour hours were used?
(e) What were the total actual costs of direct labour?
(f) What were the total standard costs of the direct materials used in production?
(g) What was the actual variable factory overhead cost?
(h) What was the budget variable factory overhead for actual time used to manufacture the 50,000 units of product?
(i) What was the budget variable factory overhead for the required time to manufacture the 50,000 units of product?

Materials quantity variance Labour rate variance Labour efficiency variance Factory overhead spending variance Factory overhead efficiency variance Factory overhead volume variance 7,000 favourable 4,000 favourable 12,000 unfavourable 3,000 favourable 6,000 unfavourable 50,000 favourable Direct materials $ 700,000 300,000 150,000 250,000 $1,400,000 *Direct labour Variable factory overhead Fixed factory overhead Total standard cost Standard labour time per product unit is 30 minutes.