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Find variable overhead spending and efficiency variance

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Reference no: EM132565452

The Irish division of EXTEL Ltd has taken over the production and sale of the productEXTEL-10. The product is made to order, so no stocks are normally carried. You have been provided with the following budget data for the first quarter:

Budgeted production 10,000 units

Standard cost sheet EXCEL-10

Materials 5 kg @ €/£5.00 25.00

Direct Labour 2 hours @ €/£8.00 16.00

Variable Overhead 2 hours @ €/£12.00 24.00

Fixed Overhead 2 hours @ €/£6.00 12.00

The actual results for the first quarter were as follows:

Actual production 9,500 units

Sales €/£ 874,000

Materials (45,000kg) 229,500

Direct Labour (18,000 hours) 142,200

Variable Overhead 215,000

Fixed Overhead 120,000

Required:

Question a. Direct material rate and price variance

Question b. Direct labour rate and efficiency variance

Question c. Variable overhead spending and efficiency variance

Question d. Factory overhead budget and volume variance.

Reference no: EM132565452

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