Standard Cost Information Quantity Cost Direct Materials 2 parts $ 0.15 per part Direct Labor 0.02 hours 8.00 per hour Variable Manufacturing…

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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 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

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