Please do not give solution in image format thanku 1. Materials price varianceMaterials quantity variance2. Labor rate varianceLabor efficiency variance3. Variable overhead rate varianceVariable overhead efficiency varianceUUFUF Direct materialsDirect laborVariable manufacturing overhead (based ondirect labor-hours)Total$ 47,362$ 8,955Direct materials (8,800 yards)Direct laborVariable manufacturing overhead$ 2,388of Covers$23.804.50During August, the factory worked only 1,000 direct labor-hours and produced 2,300 sets of covers. The following actual costs wererecorded during the month:Total$ 50,600$ 10,580$ 4,6001.20$29.50Per Setof Covers$22.004.602.00$28.60At standard, each set of covers should require 3.5 yards of material. All of the materials purchased during the month were used inproduction.Required:1. Compute the materials price and quantity variances for August.2. Compute the labor rate and efficiency variances for August.3. Compute the variable overhead rate and efficiency variances for August.(Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zerovariance). Input all amounts as positive values.)

Name: Please do not give solution in image format thanku 1. Materials price
Uploaded: 2024-03-20T06:33:06.000Z
Channel: Bartleby
Description: Please do not give solution in image format thanku 1. Materials price varianceMaterials quantity variance2. Labor rate varianceLabor efficiency variance3. Variable overhead rate varianceVariable overhead efficiency varianceUUFUF Direct materialsDirec

Lets understand the basics. Material price variance is a variance between the rate at which material…

Business

Accounting

Direct materials Direct labor Variable manufacturing overhead (based on direct labor-hours) $ 47,362 $ 8,955 $ 2,388 Direct materials (8,800 yards) $23.80 4.50 uring August, the factory worked only 1,000 direct labor-hours and produced 2,300 sets of covers. The following actual costs ecorded during the month: Total $ 50,600 1.20 $29.50 Per Set of Covers $22.00

Direct materials Direct labor Variable manufacturing overhead (based on direct labor-hours) $ 47,362 $ 8,955 $ 2,388 Direct materials (8,800 yards) $23.80 4.50 uring August, the factory worked only 1,000 direct labor-hours and produced 2,300 sets of covers. The following actual costs ecorded during the month: Total $ 50,600 1.20 $29.50 Per Set of Covers $22.00

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter8: Standard Costs And Variances

Section: Chapter Questions

Problem 14EB: Acme Inc. has the following information available: A. Compute the material price and quantity, and...

See similar textbooks

Similar questions

The variable overhead rate variance is caused by the sum between which of the following? A. actual and standard allocation base B. actual and standard overhead rates C. actual and budgeted units D. actual units and actual overhead rates
The variable overhead efficiency variance is caused by the difference between which of the following? A. actual and budgeted units B. actual and standard allocation base C. actual and standard overhead rates D. actual units and actual overhead rates
Acme Inc. has the following information available: A. Compute the material price and quantity, and the labor rate and efficiency variances. B. Describe the possible causes for this combination of favorable and unfavorable variances.
What makes a variance favorable? Give an example of a favorable variance involving materials. What makes a variance unfavorable? Give an example of an unfavorable variance involving labor.
The budget variance for variable production costs is broken down into quantity and price variances. Explain why the quantity variance is more useful for control purposes than the price variance.
Variable Overhead Spending and Efficiency Variances, Columnar and Formula Approaches Aretha Company provided the following information: Required: 1. Using the columnar approach, calculate the variable overhead spending and efficiency variances. 2. Using the formula approach, calculate the variable overhead spending variance. 3. Using the formula approach, calculate the variable overhead efficiency variance. 4. Calculate the total variable overhead variance.
Variable Overhead Spending and Efficiency Variances, Columnar and Formula Approaches Rath Company provided the following information: Required: 1. Using the columnar approach, calculate the variable overhead spending and efficiency variances. 2. Using the formula approach, calculate the variable overhead spending variance. 3. Using the formula approach, calculate the variable overhead efficiency variance. 4. Calculate the total variable overhead variance.
Explain how the two-, three-, and four-variance overhead analyses are related.
When is the labor rate variance unfavorable? A. when the actual quantity used is greater than the standard quantity B. when the actual quantity used is less than the standard quantity C. when the actual price paid is greater than the standard price D. when the actual price is less than the standard price
When is the direct labor time variance unfavorable? A. when the actual quantity used is greater than the standard quantity B. when the actual quantity used is less than the standard quantity C. when the actual price paid is greater than the standard price D. when the actual price is less than the standard price
When is the direct labor time variance favorable? A. when the actual quantity used is greater than the standard quantity B. when the actual quantity used is less than the standard quantity C. when the actual price paid is greater than the standard price D. when the actual price is less than the standard price
Performance Report for Variable Variances Humo Company provided the following information: Required: Prepare a performance report that shows the variances for each variable overhead item (inspection and power).