Price & Quantity Variance Assignment

23-3 Exercises & Problems eBook Calculator – EX.23-01.ALGO Direct Materials, Direct Labor, and Factory Overhead Cost Variance Analysis – EX.23-02.ALGO Mackinaw Inc. processes a base chemical into the plastic. Standard costs and actual costs for direct materials, direct labor, and factory overhead incurred for the manufacture of 4,400 units of product were as follows: Standard Costs Actual Costs – EX.23-14.ALGO Direct materials – EX.23-15.ALGO 5,600 lb. at \$4.70 1,130 hrs. at \$18.90 Direct labor – EX.23-17.ALGO Factory overhead 5,700 lb. at \$4.90 1,100 hrs. at \$18.50 Rates per direct labor hr., based on 100% of the normal capacity of 1,150 direct labor hrs.: Variable cost, \$3.70 – PR.23-03.ALGO \$4,030 variable cost Fixed cost, \$5.80 \$6,670 fixed cost Each unit requires 0.25 hours of direct labor.

Required: a. Determine the direct materials price variance, direct materials quantity variance, and total direct materials cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Direct materials price variance Direct materials quantity variance Total direct materials cost variance b. Determine the direct labor rate variance, direct labor time variance, and total direct labor cost variance. Enter a favorable variance as a negative number using a minus Check My Work 2 more Check My Work uses remaining. Previous Progress: 6/6 items assignment Score: 50% All work saved. Email Instructor Save and Exit Submit Assignment for Grading 3-3 Exercises & Problems eBook Calculator u ICCO EX.23-01.ALGO Fixed cost, \$5.80 \$6,670 fixed cost Each unit requires 0.25 hours of direct labor. EX.23-02.ALGO Required: EX.23-14.ALGO a. Determine the direct materials price variance, direct materials quantity variance, and total direct materials cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. EX.23-15.ALGO Direct materials price variance EX.23-17.ALGO Direct materials quantity variance PR.23-03.ALGO Total direct materials cost variance 5 b. Determine the direct labor rate variance, direct labor time variance, and total direct labor cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Direct labor rate variance Direct labor time variance Total direct labor cost variance 5 c. Determine variable factory overhead controllable variance, the fixed factory overhead volume variance, and total factory overhead cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Variable factory overhead controllable variance s Fixed factory overhead volume variance Total factory overhead cost variance Check My Work 2 more Check My Work uses remaining. Previous Progress: 6/6 items. .

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