Reference no: EM133061566
Question - WizzleCo produces bicycles. The following standard cost sheet has been developed from historical data:
Direct Materials 12 pounds @ $ 2.00 per pound
Direct Labor 2 DLH @ $15.00 per DLH
Variable MOH 1 MHR @ $10.00 per MHR
Fixed MOH 1 MHR @ $20.00 per MHR
Production was forecast to be 2,000 units, but only 1,950 were actually produced. 26,000 pounds of materials were purchased for $66,300. A total of 23,000 pounds of materials were used in production. Actual direct labor totaled 4,000 DLH, costing $48,000. Forecast variable overhead was $10,000, and forecast fixed overhead was $40,000. Actual variable overhead was $11,000. Actual fixed overhead was $38,000. Actual machine hours totaled 1,900 MHR.
Required -
1. Calculate the direct materials price variance
2. Calculate the direct materials usage variance.
3. Calculate the direct labor efficiency variance.
4. Calculate the direct labor rate variance.
5. Calculate the variable overhead efficiency variance.
6. Calculate the variable overhead spending (or budget) variance.
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