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E10-4A. Material, Labor, and Variable Overhead Variances The following summarized manufacturing data relate to Thomas Corporation's April operations, during which 2,000 finished units of product were produced. Normal monthly capacity is 1,100 direct labor hours. Direct material: Standard (2 lb. @ $9/lb.) Actual (4,200 lb. @ $10.20/lb.) Direct labor: Standard (0.5 hr. @ $24/hr.) Actual (950 hrs. @ $23.40/hr.).. Variable overhead: Standard (0.5 hr. @ $6/hr.) Actual Total Standard Unit Costs $18 12 3 $33 Total Actual Costs $42,840 22,230 6,450 $71,520 Determine the materials price and efficiency variances, labor rate and efficiency variances, and variable overhead spending and efficiency variances.

E10-4A. Material, Labor, and Variable Overhead Variances The following summarized manufacturing data relate to Thomas Corporation's April operations, during which 2,000 finished units of product were produced. Normal monthly capacity is 1,100 direct labor hours. Direct material: Standard (2 lb. @ $9/lb.) Actual (4,200 lb. @ $10.20/lb.) Direct labor: Standard (0.5 hr. @ $24/hr.) Actual (950 hrs. @ $23.40/hr.).. Variable overhead: Standard (0.5 hr. @ $6/hr.) Actual Total Standard Unit Costs $18 12 3 $33 Total Actual Costs $42,840 22,230 6,450 $71,520 Determine the materials price and efficiency variances, labor rate and efficiency variances, and variable overhead spending and efficiency variances.

Principles of Cost Accounting
Principles of Cost Accounting
17th Edition
ISBN:9781305087408
Author:Edward J. Vanderbeck, Maria R. Mitchell
Publisher:Edward J. Vanderbeck, Maria R. Mitchell
Chapter8: Standard Cost Accounting—materials, Labor, And Factory Overhead
Section: Chapter Questions
Problem 4P: Calculation of materials and labor variances Fritz Corp. manufactures and sells a single product....
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E10-4A. Material, Labor, and Variable Overhead Variances The following summarized manufacturing data relate to Thomas Corporation's April operations, during which 2,000 finished units of product were produced. Normal monthly capacity is 1,100 direct labor hours. Direct material: Standard (2 lb. @ $9/lb.). Actual (4,200 lb. @ $10.20/lb.) Direct labor: Standard (0.5 hr. @ $24/hr.) Actual (950 hrs. @ $23.40/hr.). Variable overhead: Standard (0.5 hr. @ $6/hr.) Actual Total Standard Unit Costs $18 12 3 $33 Total Actual Costs $42,840 22,230 6,450 $71,520 Determine the materials price and efficiency variances, labor rate and efficiency variances, and variable overhead spending and efficiency variances.
Transcribed Image Text:E10-4A. Material, Labor, and Variable Overhead Variances The following summarized manufacturing data relate to Thomas Corporation's April operations, during which 2,000 finished units of product were produced. Normal monthly capacity is 1,100 direct labor hours. Direct material: Standard (2 lb. @ $9/lb.). Actual (4,200 lb. @ $10.20/lb.) Direct labor: Standard (0.5 hr. @ $24/hr.) Actual (950 hrs. @ $23.40/hr.). Variable overhead: Standard (0.5 hr. @ $6/hr.) Actual Total Standard Unit Costs $18 12 3 $33 Total Actual Costs $42,840 22,230 6,450 $71,520 Determine the materials price and efficiency variances, labor rate and efficiency variances, and variable overhead spending and efficiency variances.
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