Evaluate price and efficiency variances

Reference no: EM1341228

Direct labor, variable overhead price, efficiency variance

The records of the Penney Company show the following for February:

Standard Labor hours allowed per unit of output 1.5
Standard variable overhead rate per
standard direct labor hour $30
Good units produced 60,000
Actual direct labor hours worked 92,000
Actual total direct labor $ 1,975,000
Direct labor efficiency variance $40,000 U
Actual variable overhead $2,560,000

REQUIRED:

Compute the direct labor and variable overhead price and efficiency variances.

Reference no: EM1341228

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