Compute the cost variance for materials price variance

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You've recently been promoted to senior financial analyst, and your first assignment is to evaluate the performance of your company's cost center. You work for a men's clothing manufacturer called Impressive Men's Wear. You currently have the following data:
Standard material cost of $20 (5 units of raw materials at $4) Standard direct labor cost of $10 (1 hour per unit)
Standard variable overhead cost of $10 (based on direct labor-hours) Fixed overhead is budgeted at $22,000
The following data for pertains to operations for June of this year:
Raw materials purchased: 10,000 units costing
Raw materials used in production of 1,500 units of finished product: 10,000 units of raw materials
Direct labor used: 2,000 hours costing $30,000
Variable overhead costs incurred: $20,000
Fixed overhead budget variance: $20,000
Compute the cost variance for Materials price variance, materials quantity variance, labor rate variance, labor efficiency variance, variable overhead spending variance and variable overhead efficiency variance

Reference no: EM13551091

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