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(Solved by Expert Tutors) Calculate price and quantity variances as well as spending and efficienc


variances are favorable or unfavorable.? Keep in mind that price and quantity variances for each category should add up to the total variance for that category.


Given the following information:


Variable overhead costs?incurred???????????????????????????????????????????????????????$20,570


Material purchased and?used??????????????????????????????????????????????????????????????2,900 pounds


Direct labor costs?incurred???????????????????????????????????????????????????????????????????$24,500


Direct labor hours?incurred??????????????????????????????????????????????????????????????????2,450 hours


Finished units?produced??????????????????????????????????????????????????????????????????????500 units


Actual material?cost???????????????????????????????????????????????????????????????????????????????$37 per pound


Standard direct labor?cost?????????????????????????????????????????????????????????????????????$9 per hour


Standard material?cost??????????????????????????????????????????????????????????????????????????$40 per pound


Standard variable?overhead????????????????????????????????????????????????????????????????$8 per hour


Standard pounds of material in a finished?unit????????????????????????????????6 pounds


Standard direct labor hours per finished?unit???????????????????????????????????5 hours


Required:


  1. Compute the price and quantity variances for direct materials.
  2. Compute the price and quantity variances for direct labor.
  3. Compute the spending (price) and efficiency (quantity) variances for variable overhead.


 


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DATE ANSWERED

Apr 19, 2020

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