Reference no: EM132580958
The Apoundright Company uses standard costing and has established the following standards for its single product:
Direct materials: 2 gallons at $3 per gallon
Direct labor: 0.5 hours at $8 per hour
Variable overhead: 0.5 hours at $2 per hour
During November, the company made 4,000 units and incurred the following costs:
Direct materials purchased: 8,100 gallons at $3.10 per gallon
Direct materials used: 7,600 gallons
Direct labor used: 2,200 hours at $8.25 per hour
Actual variable overhead: $4,175
The company applies variable overhead to products on the basis of standard direct labor-hours.
Problem 1: The materials price variance for November was:
$2,310 U
$2,310 F
$810 U
$810 F
Problem 2: The materials quantity variance for November was:
$1,200 U
$1,200 F
$300 U
$1,500 F
Problem 4: The labor rate variance for November was:
$1,050 U
$550 U
$2,150 U
$2,150 F
Problem 5: The labor efficiency variance for November was:
$1,050 U
$550 U
$1,600 F
$1,600 U
Problem 6: The total variable overhead variance (including both the rate and efficiency variances) for November was:
$175 U
$225 F
$225 U
$400
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