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Calculate variable overhead spending variance

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Reference no: EM132781251

XY Inc. provides the following data for June 2019 when 13,000 Units are manufactured:

Standard Material Cost (Per Unit)          6.20 kg @ $ 10.25/kg

Actual Material Cost (Per Unit)              6.85 kg @ $ 13.8/kg

Standard Labor cost (Per Unit)              5.5 hrs @ $ 14/hr

Actual Labor cost (Per Unit)                    5.30 hrs @ $ 15.2 /hr

problem a) Calculate:

1. Direct Material Price Variance
2. Direct Material Quantity/Usage Variance Total Material Cost Variance
3. Direct Labor Rate Variance
4. Direct Labor Efficiency Variance
5. Total Labor Cost Variance

problem b) Calculate Variable Overhead Spending Variance if actual labor hours used are 360, standard variable overhead rate is $11.40 per direct labor hour and actual variable overhead rate is $10.30 per direct labor hour. Also specify whether the variance is favorable or unfavorable.

Reference no: EM132781251

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