Reference no: EM13979066
Summertime, Inc. manufactures changeable type-heads for use on industrial printers. Each type-head is in a set consisting of the lead alloy type-head itself, a cover for the key on the printer keyboard, and a container box to hold the two items. At the beginning and end of June, there were no materials inventories. The following standards were developed for each unit:
Item
Materials:
Lead alloy (3 oz. @ $.20)..........
Cover materials (6 oz. @ $.04).....
Container boxes (1 @ $.10).........
Direct labor (1/4 hr. @ $12 per hr)......
Overhead ($9 per direct labor hour)......
Total cost.........................
Standard per Unit
$ .60
.24
.10
3.00
2.25
$6.19
Annual production is estimated at 50,000 units, with fixed overhead of $15,000.
During the past year, the following costs were incurred to produce 40,000 units:
Materials:
Lead alloy.............................. 122,000 oz. @ $.22
Cover materials........................ 235,000 oz. @ $.04
Container boxes..............................40,500 @ $.09
Direct labor ............................ 9,500 hrs. @ $12.50
Overhead...............................................$90,000
REQUIRED: Compute the:
A. Materials price variance for each item.
B. Materials quantity variance for each item.
C. Labor rate variance.
D. Labor efficiency variance.
E. Budget variance.
F. Volume variance.
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At the end of june there were no materials inventories
: Summertime, Inc. manufactures changeable type-heads for use on industrial printers. Each type-head is in a set consisting of the lead alloy type-head itself, a cover for the key on the printer keyboard, and a container box to hold the two items.
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