Material, Labor, and Variable Overhead
Variances
The following summarized manufacturing data relate to Steffan
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 |
|
Total Actual Costs |
| Direct material |
|
|
|
|
|
|
| Standard (2 lb. @ $9.50/lb.) |
|
|
$19 |
|
|
| Actual (4,200 lb. @ $10.20/lb.) |
|
|
|
|
$42,840 |
| Direct labor |
|
|
|
|
|
|
| Standard (0.5 hr. @ $24/hr.) |
|
|
$12 |
|
|
| Actual (970 hrs. @ $23.40/hr.) |
|
|
|
|
22,698 |
| Variable overhead |
|
|
|
|
|
|
| Standard (0.5 hr. @ $6/hr.) |
|
|
$3 |
|
|
| Actual |
|
|
- |
6,200 |
| Total |
|
|
$34 |
$71,738 |
'Assume that the 4,200 lb. of materials purchased were all used
in producing the 2,000 completed units. Determine the materials
price and efficiency variances, labor rate and efficiency
variances, and variable overhead spending and efficiency variances.
Materials Variances Actual cost:
| Materials Variances |
| Actual cost: |
Answer |
|
| Split cost: |
Answer |
|
| Standard cost: |
Answer |
|
| Materials price |
Answer |
AnswerFU |
| Materials efficiency |
Answer |
AnswerFU |
| Labor Variances |
| Actual cost: |
Answer |
|
| Split cost: |
Answer |
|
| Standard cost: |
Answer |
|
| Labor rate |
Answer |
AnswerFU |
| Labor efficiency |
Answer |
AnswerFU |
| Variable Overhead Variances |
| Actual cost: |
Answer |
|
| Split cost: |
Answer |
|
| Standard cost: |
Answer |
|
| Variable overhead spending |
Answer |
AnswerFU |
| Variable overhead efficiency |
Answer |
AnswerFU |
I am having trouble finding the correct split cost. I found the
same question on another post, but the split cost is not correct.
Any help appreciated, thanks.