Reference no: EM139943
Headsmart manufactures headphone cases. During September 2011, the company produced 106,000 cases and recorded the following cost data:
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Standard Cost Information
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Quantity
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Price
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Direct materials
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2 parts
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$0.17 per part
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Direct labor
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0.02 hours
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$9.00 per hour
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Variable manufacturing overhead
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0.02 hours
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$10.00 per hour
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Fixed manufacturing overhead ($32,640 for static budget volume of 96,000 units and 1,920 units and 1,920 hours, or $17 per hour)
Direct materials (265,000 parts were purchased at $0.22 per part, 215,000 parts were used)
Direct labor (1,700 hours at $9.10 per hour=$15,652)
Manufacturing overhead $60,500 (30% was fixed)
a) Determine the eight variances
1.Materials: VP=(AP-SP)AQ-(actual price-standard price)*actual quantity
VQ=(AQ-SQ)*SP
2.Direct labor: VP=(AP-SP)*AQ and VQ=(AQ-SQ)*SP
3.Variable overhead: VP=(AP-SP)*AQ and VQ=(AQ-SQ)*SP
4.Fixed overhead: SPENDING VARIANCE= actual fixed overhead incurred- fixed factory overhead budgeting
PRODUCTION VOLUME VARIANCE = fixed factory overhead budgeting - standard fixed overhead applied
b) Comment on the variances
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