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Calculating Labor and Overhead Variances [LO 3,4] At the start of 2012, Textile Express Company determined its standard labor cost to be 2.5 hours...
Calculating Labor and Overhead Variances [LO 3,4] At the start of 2012, Textile Express Company determined its standard labor cost to be 2.5 hours per unit at $33.90 per hour. The budget for variable overhead was $9 per unit, and budgeted fixed overhead was $15,000 for the year. Expected annual production was 5,000 units. During 2012, the actual cost of labor was $34.30 per hour. Textile Express produced 4,840 units requiring 11,800 direct labor hours. Actual overhead for the year was $48,820.Calculate labor rate and efficiency variances and the controllable overhead variance and the overhead volume variance. (Round calculations to 2 decimal places, e.g. 25.21 and the final answers to 0 decimal places, e.g. 5,250. For negative numbers use either a negative sign preceding the number, e.g. -45 or parenthesis, e.g. (45).)Labor Rate Variance $_______ favorable or unfavorable Labor Efficiency Variance $______ unfavorable or favorable Controllable Overhead Variance $_____ favorable or unfavorable Overhead Volume Variance $ ____ unfavorable or favorable
