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Question - Direct Materials, Direct Labor, and Factory Overhead Cost Variance Analysis - Mackinaw Inc. processes a base chemical into plastic. Standard costs and actual costs for direct materials, direct labor, and factory overhead incurred for the manufacture of 74,000 units of product were as follows:
Standard Costs
Actual Costs
Direct materials
222,000 lbs. at $4.60
219,800 lbs. at $4.50
Direct labor
18,500 hrs. at $17.10
18,930 hrs. at $17.50
Factory overhead
Rates per direct labor hr., based on 100% of normal capacity of 19,310 direct labor hrs.:
Variable cost, $4.30
$78,750 variable cost
Fixed cost, $6.80
$131,308 fixed cost
Each unit requires 0.25 hour of direct labor.
Required -
a. Determine the direct materials price variance, direct materials quantity variance, and total direct materials cost variance.
b. Determine the direct labor rate variance, direct labor time variance, and total direct labor cost variance.
c. Determine the variable factory overhead controllable variance, fixed factory overhead volume variance, and total factory overhead cost variance.
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