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Standard Cost Information Quantity Cost Direct Materials 2 parts $ 0.15 per part Direct Labor 0.02 hours 8.00 per hour Variable Manufacturing...
Standard Cost Information
Quantity
Cost
Direct Materials
2
parts
$
0.15
per part
Direct Labor
0.02
hours
8.00
per hour
Variable Manufacturing Overhead
0.02
hours
11.00
per hour
Fixed Manufacturing Overhead ($32,980 for static budget volume
of 97,000 units and 1,940 hours, or $17 per hour)
Actual Cost Information
Direct Materials
(213,000 parts @
$
0.20
per part)
$
42,600
Direct Labor
(1,640 hours @
$
8.10
per hour)
13,284
Variable Manufacturing Overhead
14,000
Fixed Manufacturing Overhead
28,000
Formula
Variance
Direct materials efficiency variance
=
(AQ - SQ) x SC
=
$
150
F
Direct labor efficiency variance
=
(AQ - SQ) x SC
=
F
