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Calculate the variable overhead efficiency variance

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Reference no: EM131922811

Problem - The Koski Company has established standards as follows:

Direct material

3.40 pounds @ $5.40/pound = $18.36 per unit

Direct labor

2.00 hours @ $9.40/hour = $18.80 per unit

Variable overhead

2.00 hours @ $6.40/hour = $12.80 per unit

Actual production figures for the past year were as follows:

Units produced

640

Direct materials used

2,480 pounds

Direct materials purchased (4,400 pounds)

$24,200

Direct labor cost (1,090 hours)

$10,464

Variable overhead cost incurred

$6,867

Calculate the following:

1. The materials price variance is?

2. The materials quantity variance is?

3. The labor rate variance is?

4. The labor efficiency variance is?

5. The variable overhead rate variance is?

6. The variable overhead efficiency variance is?

Reference no: EM131922811

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