Homework Answers
| calculation of direct material price variance: |
| = (Standard price per unit of material - Actual price per unit of material) × Actual quantity |
| = ($5/litre - $4.90/litre ) × 28400 Litre = $2840 F |
| Calculation of direct material quantity variance |
| =(standard quantity of material required for actual production - actual quantity used) × Standard price per unit |
| ((3.7 Litre X 7700 Unit)-26880 Pound )X $5 = $8050 F |
| Calculation of direct labor rate variance |
| = (Standard direct labor rate per hour - actual direct labor rate per hour) × Actual hours used |
| = ($21/hour - $21.50/hour) × 2270 Hours= $1135 UF |
| Calculation of direct labor efficiency variance: |
| = (standard hours required for actual production - actual hours used) × standard overhead recovery rate |
| = (0.3 Hour × 7700 Unit - 2270) × $21 = $840 F |
| Calculation of Variable OH rate variance |
| = (Standard rate per hour - actual rate per hour) × Actual Machine hours used |
| = ($7/hour - $6.40/hour) × 2270 Hours= $1362 F |
| Calculation of Vaaariable OH efficiency variance: |
| = (standard hours required for actual production - actual hours used) × standard overhead recovery rate |
| = (0.30 Hour × 7700 Unit -2270) × $7 = $280 F |
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