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Requirement :1 Irving Corporation makes a product with the following standards for direct labor and...

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Accounting

Requirement :1

Irving Corporation makes a product with the following standards for direct labor and variable overhead:

Standard Quantity or Hours Standard Price or Rate Standard Cost Per Unit
Direct labor 0.20 hours $ 20.00 per hour $ 4.00
Variable overhead 0.20 hours $ 5.60 per hour $ 1.12

In November the company's budgeted production was 5,900 units, but the actual production was 5,700 units. The company used 1,640 direct labor-hours to produce this output. The actual variable overhead cost was $8,528. The company applies variable overhead on the basis of direct labor-hours.

The variable overhead rate variance for November is:

Requirement:2

Irving Company has a contribution margin of 15%. Sales are $633,000, net operating income is $94,950, and average operating assets are $143,000. What is the company's return on investment (ROI)?

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