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[answered] Material, Labor, and Variable Overhead Variances The follow
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.
| Direct material | ||||
| Standard (2 lb. @ $10.00/lb.) | $20? | |||
| Actual (4,200 lb. @ $11.30/lb.) | $47,460 | |||
| Direct labor | ||||
| Standard (0.5 hr. @ $25/hr.) | $12.50? | |||
| Actual (950 hrs. @ $24.50/hr.) | 23,275? | |||
| Variable overhead | ||||
| Standard (0.5 hr. @ $7/hr.) | $3.50? | |||
| Actual | -? | 7,450? | ||
| Total | $36? | $78,185 | ||
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.
| Actual cost: | $Answer | |
| Split cost: | $Answer | |
| Standard cost: | $Answer | |
| Materials price | $Answer | AnswerFU |
| Materials efficiency | $Answer | AnswerFU |
| Actual cost: | $Answer | |
| Split cost: | $Answer | |
| Standard cost: | $Answer | |
| Labor rate | $Answer | AnswerFU |
| Labor efficiency | $Answer | AnswerFU |
| Actual cost: | $Answer | |
| Split cost: | $Answer | |
| Standard cost: | $Answer | |
| Variable overhead spending | $Answer | AnswerFU |
| Variable overhead efficiency | $Answer | AnswerFU |
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This question was answered on: Sep 18, 2020
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