a-1. What is the materials quantity variance? a-2. What is the materials price v

Question

a-1. What is the materials quantity variance?

a-2. What is the materials price variance?

b-1. What is the labor efficiency variance?

b-2. What is the labor rate variance?

c-1. What is the variable overhead efficiency variance?

c-2. What is the variable overhead rate variance?

Requirement 2 Revise the data in your worksheet to reflect the results for the subsequent period as shown below: 1 Chapter 11: Applying Excel 3 Data 4 Exhibit 11-1: Standard Cost Card Inputs Standard QantityStan $4.00 3.0 pounds 0.50 hours 0.50 hours 6 Direct materials 7 Direct labor $22.00 per hour 8 Variable manufacturing overhead S6.00 per hour 10 Actual results 11 Actual output 12 Actual variable manufacturing overhead cost$7,968 13 14 Actual direct materials cost 15 Actual direct labor cost 2,040 units Actual Quantity 6,310 pounds 1,245 hours Actual price $4.1 pounds S21.8 per hour

Explanation / Answer

Materials quantity variance= 4*(6310-2040*3)= $760 Unfavorable Materials price variance = 6310*(4.1-4) = $631 Unfavorable Labor efficiency variance=22*(1245-2040*0.5)= $4950 Unfavorable Labor rate variance = 1245*(21.8-22)= $249 Favorable Variable overhead efficiency variance=6*(1245-2040*0.5)= $1350 Unfavorable Variable overhead rate variance = 7968-(1245*6)= $498 Unfavorable

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