Material, Labor, and Variable Overhead Variances
The following summarized manufacturing data relate to Thomas Corporation's April operations, during which 2,000 finished units of product were produced. Normal monthly capacity is 1,100 direct labor hours.
Standard
Units
Costs
Actual
Costs
Direct material
Standard (2 lb. @ $9.00/llb.)
$18
Actual (4,200 lb. @$10.20/lb.)
$42.840
Direct labor
Standard (0.5 hr. @ $24/hr.)
$12
Actual (950 hrs. @ $23.40/hr.)
22,230
Variable overhead
Standard (0.5 hr. @ $6/hr.)
$3
Actual
Total
$33
6,450
$71,520
Determine the following variances:
Do not use negative signs with any of your answers. Next to each variance answer, select either "F" for Favorable or "U" for Unfavorable.
Materials Variances
Actual cost:
$
0
$
0
$
0
$
0
$
0
Split cost:
Standard cost:
Materials price
Materials efficiency
Labor Variances
Actual cost:
$
0
$
0
$
0
$
0
$
0
Split cost:
Standard cost:
Labor rate
Labor efficiency
Variable Overhead Variances
Actual cost:
$
0
$
0
$
0
$
0
$
0
Split cost:
Standard cost:
Variable overhead spending
Variable overhead efficiency
