Variance Analysis Project Use the following data to calculate the variances in problems 1-5. Standard...
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Accounting
Variance Analysis Project Use the following data to calculate the variances in problems 1-5. Standard Cost Profile Lab Treatment SU #12 Expected Treatments 1,000 Quantity Quantity Unit Variable Average Average Resource Variable Fixed Cost Cost Fixed CostTotal Cost Labor 0.80 7.00 0.80 16.00 S 12.80 $12.80 0 $ 25.60 70 Supplies 1.10 S20.50 S 12.8033.30 Actual Month Cost Lab Treatment SU #12 Actual Treatments-1,100 Quantity Unit Total Resource Used Cost Cost Labor Supplies 1,600 S 17.00 $ 27,200 7,500 1.00 7500 $34,700 Calculate the following variances: 1. Efficiency Variance - Labor 2. Efficiency Variance- Supplies 3. Price Variance-Labor 4. Price Variance -Supplies 5. Volume Variance
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