Material, Labor, and Variable Overhead Variances
The following summarized manufacturing data relate to Thomas Corporation's April operations, during which 2,000 finished units of product were produced. Normal monthly capacity is 1,100 direct labor hours.
|Standard (2 lb. @ $10.00/lb.)||$20?|
|Actual (4,200 lb. @ $11.30/lb.)||$47,460|
|Standard (0.5 hr. @ $25/hr.)||$12.50?|
|Actual (950 hrs. @ $24.50/hr.)||23,275?|
|Standard (0.5 hr. @ $7/hr.)||$3.50?|
Determine the following variances:
Do not use negative signs with any of your answers. Next to each variance answer, select either "F" for Favorable or "U" for Unfavorable.
|Variable overhead spending||$Answer||AnswerFU|
|Variable overhead efficiency||$Answer||AnswerFU |
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