The Koski Company has established standards as follows direct material.........3

Question

The Koski Company has established standards as follows
direct material.........3pounds @ $4/pound=$12 per unit
direct labor.............2hours @ $8/hour=$16 per unit
Variable overhead.....2hours @ $5/hour=$10 per unit

Actual production figures for the past year:
units produced...........................500
direct material used.....................1,600 pounds
direct material purchased (3,000).....$12,300
direct labor cost (950 hours)...........$7,5790
variable overhead cost incurred.......$4,655

1. The materials price variance is:

2. The materials quantity variance is:

3. The labor rate variance is:

4. The labor efficiency variance is:

5. The variable overhead rate variance is:

6. The variable overhead efficiency variance is:

Explanation / Answer

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