The following data for November have been provided by Hunn Corporation, a producer of precision drills...
The following data for November have been provided by Hunn Corporation, a producer of precision drills for oil exploration:
| Budgeted production | 4,500 | drills | |
| Standard machine-hours per drill | 9.8 | machine-hours | |
| Standard indirect labor | $ | 9.60 | per machine-hour |
| Standard power | $ | 3.20 | per machine-hour |
| Actual production | 4,700 | drills | |
| Actual machine-hours | 36,150 | machine-hours | |
| Actual indirect labor | $ | 352,724 | |
| Actual power | $ | 111,290 | |
Required:
Compute the variable overhead rate variances for indirect labor and for power for November. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.)
Homework Answers
Part 1) variable overhead rate variance for indirect labour:
= standard indirect labour hr. rate × actual machine hr. - actual indirect labour cost
= (9.6 × 36150) - 352724
= 5684 unfavourable
= 5684 (U)
Part 2 variable overhead rate variance for power
= standard power rate per machine hr. × actual machine hr. - actual power cost
=( 3.2×36150) - 111290
= 4390 favourable
= 4390 (f)
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