Reference no: EM133060249
Question - CAB Company uses standard costing systems. The following information relates to standard costs for one unit of product 'Zee':
Direct material 80 lb @$2 per lb
Direct labour 1.25 hours @$16 per hour
Variable overhead 30 minutes of machine time @$50 per hour.
Fixed overhead 30 minutes of machine time @$40 per hour.
The overhead application rates were developed using a practical capacity of 6,000 units per year. Production is assumed to occur evenly throughout the year. During June 2021 the company produced 525 units.
The actual costs for June 2021 are as follows:
Direct material purchase 46,000 lb @$1.92 per lb
Direct material used 43,050 pounds
Total labour cost: $10,988.25 for 682.5 hours
Variable overhead incurred $13,770 for 270 hours of machine time
Fixed overhead incurred $10,600 for 270 hours of machine time
Required -
a) Calculate the material price variance.
b) Calculate the labour efficiency variance.
c) Calculate the variable overhead spending and efficiency variances.
d) Calculate the fixed overhead budget and volume variances.
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