Even better produces gummy worms that it sells in pocket

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Reference no: EM13581594

Problem 3 - Even Better produces gummy worms that it sells in pocket size boxes. It uses direct labor hours as the cost driver for overhead and employs a standard costing system. The following information is provided by the company's controller:

Actual Data			Budgeted/Standard Data
Snacks produced	14,220 boxes	Budgeted snacks		14,150 boxes
Materials purchased	4,750 lbs. for a total of $32,775	Direct material standard		0.35 lb. @ $7.00 per lb.
Materials used	4,560 lbs.	Direct labor standard		0.5 hours @ $12.05 per hour
Direct labor worked	7,520 hrs. costing $91,368	Total variable overhead		$39,050
Overhead total costs	Fixed $51,740; Variable $38,270	Total fixed overhead		$51,120

Labor efficiency variance
Labor flexible budget variance
Materials quantity variance
Materials price variance
Standard cost
Variable overhead rate
Variable OH efficiency variance
Variable OH flexible budget variance
Variable OH spending variance
Variable OH production volume variance
Variable overhead under or overapplied amount
Fixed OH efficiency variance
Fixed OH flexible budget variance
Total fixed overhead variance
Fixed OH spending variance
Fixed OH production volume variance
Variable overhead under or overapplied amount

Reference no: EM13581594

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