Reference no: EM131866940

Question - Computation of Variances and Other Missing Data

The following data for O'Keefe Company pertain to the production of 300 units of Product X during December. Selected data items are omitted.

Direct Materials (all materials purchased were used during period)

Standard Cost per unit:

a) pounds at $3.20 per pound. Total actual cost:

b) Pounds costing $5673 Standard cost allowed for units produced: $5760 Material price variance:

c) Materials quantity variance: $96 U

Direct Labor

Standard cost: 2 hours at $7

Actual cost per hour: $7.25

Labor rate variance: e) Labor efficiency variance: $140 U

Variable Overhead

Standard costs: f) hours at $4 per direct labor hour

Actual cost: $2250

Variable overhead spending variance: g)

Variable overhead efficiency variance: h)

Required: Complete the missing amounts lettered a) through h).