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Problem: Compute materials, labor, and overhead variances
Based on a standard volume of output of 96,000 units per month, the standard cost of the project manufactured by Tahoe Company consists of:
Direct materials (0.25 pounds x $8 per pound)
$2.00
Direct labor (0.5 hours x $7.60 per hour)
3.80
Variable manufacturing overhead
2.50
Fixed manufacturing overhead ($144,000 in total)
1.50
Total
$9.80
A total of 25,200 pounds of materials was purchased at $8.40 per pound. During May, 98,400 units were produced with the following costs:
Direct materials used (24,000 pounds at $8.40)
$201,600
Direct labor (50,000 hours at $7.80)
390,000
249,000
Fixed manufacturing overhead
145,000
Required: Compute the materials price and usage variances, the labor rate and efficiency variances and the overhead budget and volume variances. (Overhead is applied based on units produced.)
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