Reference no: EM132619189
Question - HZT Corporation has set the following standards for its single product:
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Standard quantity
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Standard price
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Direct materials
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4 pounds per unit
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$8 per pound
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Direct labor
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5 hours per unit
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$12 per hour
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Variable overhead
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5 hours per unit
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? per hour
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The following information relates to the month of September:
1. 70,560 pounds of direct materials were purchased at a cost of $7.70 per pound.
2. The variable overhead spending variance was $7,497 favorable.
3. 14,700 units were produced.
4. 72,030 direct labor hours were worked at a total cost of $943,593.
5. The actual variable overhead cost amounted to $705,600.
6. At September 1, the direct materials inventory consisted of 3,000 pounds. At September 30, the direct materials inventory totaled 8,500 pounds.
Required -
Part A) Calculate the direct material quantity variance for September. If the variance is favorable, place a minus sign in front of your answer (i.e., -5000). If the variance is unfavorable, enter your answer as a number (i.e., 5000).
Part B) Calculate the total direct labor variance for September. If the variance is favorable, place a minus sign in front of your answer (i.e., -5000). If the variance is unfavorable, enter your answer as a number (i.e., 5000).
Part C) Calculate the variable overhead efficiency variance for September. If the variance is favorable, place a minus sign in front of your answer (i.e., -5000). If the variance is unfavorable, enter your answer as a number (i.e., 5000).
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