Actual production for the month
units
Variable overhead is assigned to products based on direct labor hours. There was no beginning or ending inventory of materials for the month.
Required:
Using formulas, compute the following. Input all numbers as positive amounts.
Hint: This can be done using the ABS function
Standard Cost Variance Analysis Direct Materials
Standard Quantity Allowed for Actual Output at Standard Price
Actual Quantity of Input, at Standard Price
Actual Quantity of Input, at Actual Price
Materials quantity variance
Materials price variance
Standard Cost Variance Analysis Direct Labor
Standard Hours Allowed for Actual Output at Standard Rate
Actual Hours of Input, at Standard Rate
Actual Hours of Input, at Actual Rate
Labor efficiency variance
Labor rate variance
Standard Cost Variance Analysis Variable Manufacturing Overheod
Standard Hours Allowed for Actual Output at Standard Rate
Actual Hours of Input, at Standard Rate
Actual Hours of Input, at Actual Rate
Variable overhead efficiency variance
variable overhead rate variance
Using formulas, compute the amount of the unit cost difference that is traceable to each of the variances computed above.
Materials:
Quantity variance
Price variance
Labor:
Efficiency variance
Rate variance
Variable overhead:
Efficiency variance
Rate variance
Excess of actual over standard cost per unit
