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Livingston Corporation recently implemented a standard cost system. The company's cost accountant has provided the following data to perform a variance analysis for May:
Standard Cost Information
Direct Material Standard Price
$12 Per pound
Standard Quantity Allowed Per Unit
4 pounds per unit
Direct Labor Standard Rate
$7 per hour
Standard Hours allowed Per Unit
0.5 hours per unit
Fixed Overhead Budgeted
$24,000 per month
Normal Level of Production
12,000 units per month
Variable Overhead Application Rate
$1.80 per unit
Fixed Overhead Application Rate
($24,000/12,000units)
$2.00 per unit
Total Overhead Application Rate
3.80 per unit
Actual Cost Information
Cost of Material Purchased & Used
$429,000
Pounds of material Purchased & Used
39,000 pounds
Cost of Direct Labor
$23,100
Hours of Direct Labor
4,200 hours
Cost of Variable Overhead
$17,750
Cost of Fixed Overhead
$24,200
Actual Volume of Production
10,400 units
Compute the following variances. Indicate whether each variance is favorable (F) or unfavorable (U):
(a) Materials price variance: $__________
(b) Materials quantity variance: $__________
(c) Laborrate variance: $__________
(d) Laborefficiency variance: $__________
(e) Overhead spending variance: $__________
(f) Overhead volume variance: $__________
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