Question Details

[answered] Medex Pharmaceutical developed the following standard costs


Medex Pharmaceutical developed the following standard costs for its product in 2014:

Standard Cost Card Unit Standard Cost

Direct materials 1.2 pounds @ $2 per pound $ 2.40

Direct labor 0.25 hour @ $12 per hour 3.00

Manufacturing overhead

Variable 0.4 hours @ $3 per hour 1.20

Fixed 0.5 hours @ $4 per hour 2.00

$8.60

The company planned to work 2,725 direct labor hours and planned to produce 10,900 units of product in 2014. Actual results for 2014 are as follows:

? 11,000 units of product were produced.

? Actual direct materials purchased and used during the year amounted to 13,750 pounds at a cost of $28,875.

? Actual direct labor costs were $33,320 for 2,800 direct labor hours worked.

? Total actual manufacturing overhead incurred amounted to $35,740.

Instructions

Calculate the following variances showing all computations supporting your answers. Indicate if the variances are favorable (F) or unfavorable (U).

(a) Direct materials price and direct materials quantity variances.

(b) Direct labor price and direct labor quantity variances.

(c) Total overhead variance

 


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