Material, Labor, and Variable Overhead VariancesThe following summarized manufacturing data relate toSteffan Corporation's April operations, during which2,000 finished units of product were produced. Normalmonthly capacity is 1,100 direct labor hours.Direct materialStandard (2 lb. @ $9.50/lb.)Actual (4,200 lb. @ $10.20/lb.)Direct laborStandard (0.5 hr. @ $24/hr.)Actual (970 hrs. @ $23.40/hr.)Variable overheadStandard (0.5 hr. @ $6/hr.)ActualTotalActual cost:Split cost:StandardUnits Costs$$$19$12$3$34TotalActualCosts$42,84022,698Assume that the 4,200 lb. of materials purchased wereall used in producing the 2,000 completed units.Determine the materials price and efficiency variances,labor rate and efficiency variances, and variableoverhead spending and efficiency variances.Materials Variances6,200$71,738 Determine the materials price and efficiency variances,labor rate and efficiency variances, and variableoverhead spending and efficiency variances.Materials VariancesActual cost:$Split cost:$Standard cost:$Materials price$Materials efficiency $Labor VariancesActual cost:$Split cost:$Standard cost: $Labor rateLabor efficiency $(▶Actual cost:$Split cost:$Standard cost:$Variable overhead spending $Variable overhead efficiency $◄►♦Variable Overhead Variances◄►<

Name: Material, Labor, and Variable Overhead VariancesThe following summari
Uploaded: 2024-03-20T06:33:06.000Z
Channel: Bartleby
Description: Material, Labor, and Variable Overhead VariancesThe following summarized manufacturing data relate toSteffan Corporation's April operations, during which2,000 finished units of product were produced. Normalmonthly capacity is 1,100 direct labor hour