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Determine the time variance

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Question - Cooper Home Inc manufactures dog houses. The standard and actual costs for the production of 2500 premium dog houses are listed below.

Standard

Actual

Direct materials

50000bd ft @ $9.75 per bd ft

55000bd ft @ $9.50 per bd ft

Direct labor

5000hrs at $21 per hr

5200hrs at $22 per hr

Factory overhead*

Variable cost of $4.80

Fixed cost  of $8.00

$27500 variable cost

$47000 fixed cost

* Rates per labor hour, based on 100% capacity of 6000 labor hours

Required -

1. Calculate the quantity variance, price variance, and total direct materials cost variance for Cooper's premium dog houses.

2. Determine the time variance, rate variance, and total direct labor cost variance for Cooper's premium dog houses.

Reference no: EM133168404

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