Solution a1:
Direct Material Cost Variance | ||||||||||||
Actual Cost | Standard cost for actual quantity | Standard Cost | ||||||||||
AQ * | AP = | AQ * | SP = | SQ * | SP = | |||||||
74100 | $3.80 | $281,580.00 | 74100 | $4.00 | $296,400.00 | 73500 | $4.00 | $294,000.00 | ||||
$14,820.00 | F | $2,400.00 | U | |||||||||
Direct Material Price Variance | Direct Material Qty variance | |||||||||||
Direct material price variance | $14,820.00 | F | ||||||||||
Direct material quantity variance | $2,400.00 | U | ||||||||||
Direct material cost variance | $12,420.00 | F |
Solution a2:
Direct Labor Cost Variance | ||||||||||||
Actual Cost | Standard cost for actual quantity | Standard Cost | ||||||||||
AH * | AR = | AH * | SR = | SH * | SR = | |||||||
12150 | $13.40 | $162,810.00 | 12150 | $13.00 | $157,950.00 | 11550 | $13.00 | $150,150.00 | ||||
$4,860.00 | U | $7,800.00 | U | |||||||||
Direct Labor rate Variance | Direct Labor Efficiency Variance | |||||||||||
Direct Labor Rate variance | $4,860.00 | U | ||||||||||
Direct Labor Efficiency variance | $7,800.00 | U | ||||||||||
Direct labor cost variance | $12,660.00 | U |
Solution b:
Total overhead variance = Overhead applied - Actual overhead incurred
= (10500*1.1*$6.40) - ($49,400 + $37,500)
= $73,920 - $86,900 = $12,980 U
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