Material, Labor, and Variable Overhead Variances
The following summarized manufacturing data relate to Thomas Corporations April operations, during which finished units of product were produced. Normal monthly capacity is direct labor hours.
Standard Units Costs Total Actual Costs
Direct material
Standard lb @ $lb $
Actual lb @ $lb $
Direct labor
Standard hr @ $hr $
Actual hrs @ $hr
Variable overhead
Standard hr @ $hr $
Actual
Total $ $
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: Answer
Split cost: Answer
Standard cost: Answer
Materials price Answer
Answer
Materials efficiency Answer
Answer
Labor Variances
Actual cost: Answer
Split cost: Answer
Standard cost: Answer
Labor rate Answer
Answer
Labor efficiency Answer
Answer
Variable Overhead Variances
Actual cost: Answer
Split cost: Answer
Standard cost: Answer
Variable overhead spending Answer
Answer
Variable overhead efficiency Answer
Answer
