1.
Direct materials (7*$7) | $49 |
Direct labor (2*$16) | 32 |
Overhead (2*$12) | 24 |
Total | $105 |
2.
Total cost variance = Actual cost - Standard cost
Total cost variance = (51,600*$7.10+14,200*$16.50+$180,400) - 7,300*$105
Total cost variance = $(366,360+234,300+180,400) - $766,500
Total cost variance = $781,060 - 766,500 = $14,560 Unfavorable
3.
Actual cost | Standard cost | |||||||||
Actual quantity | Actual price | Actual quantity | Standard price | Standard quantity | Standard price | |||||
51,600 | $7.10 | 51,600 | $7 | 51,100 (7,300*7) | $7 | |||||
$366,360 | $361,200 | $357,700 | ||||||||
Direct material price variance = $5,160 Unfavorable | ||||||||||
Direct material quantity variance = $3,500 Unfavorable | ||||||||||
Direct material cost variance = $8,660 Unfavorable |
4.
Actual cost | Standard cost | |||||||||
Actual hours | Actual rate | Actual hours | Standard rate | Standard hours | Standard rate | |||||
14,200 | $16.50 | 14,200 | $16 | 14,600 (7,300*2) | $16 | |||||
$234,300 | $227,200 | $233,600 | ||||||||
Direct labor rate variance = $7,100 Unfavorable | ||||||||||
Direct labor efficiency variance = $6,400 Favorable | ||||||||||
Direct labor cost variance = $700 Unfavorable |
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