Reference no: EM13122910
Road Ready Tire Co. manufacturers automobile tires. Standard costs and actual costs for direct materials, direct labor, and factory overhead incurred for the manufacture of 5,200 tires were as follows: Direct Materials: Standard cost 71,000lbs at $5.10 Actual Costs 70,600lbs at $5.00 Direct Labor: Standard Costs 1,300 hrs at $17.50 Actual Costs 1,330 hrs at $17.80 Factory Overhead: Standard Costs: Rates per direct labor hr., based on 100% of normal capacity of 1,350 direct labor hrs: Standard Costs Variable cost, $3.10 Actaul costs $4,000 variable cost Standard Costs Fixed cost, $4.90 Actual costs $6,615 fixed cost. Each tire requires 0.25 hour of direct labor.
Determine (a) the price variance, quantity variance, and total direct materials cost variance; (b) the rate variance, time variance, and total direct labor cost variance; and (c) variable factory overhead controllable variance, the fixed factory overhead volume variance, and total factory overhead cost variance.
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