The following data reflect the current month’s activity for
Vickers Corporation.
| Actual total direct labor | $ | 639,115 | |
| Actual hours worked | 36,500 | ||
| Standard labor-hours allowed for actual output (flexible budget) | 35,300 | ||
| Direct labor price variance | $ | 17,885 | F |
| Actual variable overhead | $ | 159,400 | |
| Standard variable overhead rate per standard direct labor-hour | $ | 4.40 | |
Variable overhead is applied based on standard direct
labor-hours allowed.
Required:
Compute the labor and variable overhead price and efficiency variances. (Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option.)
Homework Answers
Direct labor price variance = (standard rate - actual rate)*actual hours
17885 = (standard rate - 639115/36500)*36500
Standard rate = $18 per hour
Direct labor efficiency variance = (standard hours - actual hours)*standard rate
= (35300-36500)*18
= $21600 unfavorable
Variable overhead price variance = (4.40 - 159400/36500)*36500 = $1200 favorable
Variable overhead efficiency variance = (35300-36500)*4.40 = $5280 unfavorable
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