accounting homework extra points

Sigchi4life
Category:
Accounting
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Question description

Hartle Company manufactures one product with the following standard costs per unit:

Materials, 20 yards at $6.00 per yard...................................................... $120.00

Labor, 25 hours at $5.00 per hour............................................................. 125.00

Variable factory overhead applied at $0.75 per labor hour......................... 18.75

Fixed factory overhead applied at $2.00 per labor hour............................   50.00

Total standard cost per unit.................................................................... $203.75

The application rate for fixed factory overhead is based on budgeted fixed factory overhead of $30,000 and the normal activity level of 15,000 labor hours.

Actual activity for the previous month is as follows:

Units produced......................................................................................... 500

Materials used....................................................................................... 9,500 yards at $6.15 per yard

Labor................................................................................................... 12,600 hours at $5.10 per hour

Variable factory overhead.................................................................. $11,400

Fixed factory overhead....................................................................... $28,900

Required:

Calculate the eight variances for materials, labor and overhead.  Indicate whether each variance is favorable or unfavorable.


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