Reference no: EM132999626
Question - The following standard costs were developed for Product A at Larry Corporation. Budgeted production for the year is 10,000 units, and overhead is applied on the basis of direct labor hours.
The master budget is as follows:
Direct materials (40,000 feet × $14.00 per foot) $560,000
Direct labor (DL) (60,000 DL hours × $10.00 per hour) $600,000
Variable overhead (60,000 DL hours × $8.00 per hour) $480,000
Fixed overhead $720,000
Total budgeted cost $2,360,000
The following actual information is available for the production of Product A for the period:
Units produced: 9,500
Materials purchased: 39,500 feet @ $13.80 per foot
Materials used: 39,500 feet
Direct labor: 56,000 hours, costing $560,000
Variable overhead incurred: $470,000
Fixed overhead incurred: $720,000
Required - Calculate the dollar amount and label the following variances as "favorable" or "unfavorable":
-Direct materials price variance
-Direct materials efficiency variance
-Direct labor efficiency variance
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