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What is overhead controllable and labor efficiency variance

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Reference no: EM13825057

At the beginning of the year the following standards were set. Overhead is applied using direct labor hours.

Budgeted Production         9,000 units

Materials: 2.0 pounds per unit at $9.00 per pound

Labor:   1.50 hours per unit at $26.00 per hour

Variable Overhead: $12.00 per labor hour

Fixed Overhead: $135,000 for the year

Actual results for the year follow:

Units Produced:    10,000

Material Purchased and Used: 20,400 pounds

Material Cost: $179,520

Labor hours worked: 14,700

Labor Cost:   $401,310

Total Variable Overhead: $176,400

Total Fixed Overhead: $136,000

1. What is the labor efficiency variance (LEV)? Favorable/Unfavorable

2. What is the overhead controllable variance (OCV)? Favorable/Unfavorable

3. What is the overhead volume variance (OVV)? favorable/Unfavorable

Reference no: EM13825057

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