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Question - Stewart Corporation makes a product with the following standard costs:
Standard Quantity or Hours
Standard Price or Rate
Standard Cost Per Unit
Direct materials
9.3 pounds
$8.00 per pound
$74.40
Direct labor
0.4 hours
$19.00 per hour
$7.60
Variable overhead
$7.00 per hour
$2.80
The company reported the following results concerning this product in August.
Originally budgeted output
3,000 units
Actual output
3,100 units
Raw materials used in production
30,370 pounds
Purchases of raw materials
33,900 pounds
Actual direct labor-hours
1,340 hours
Actual cost of raw materials purchases
$264,420
Actual direct labor cost
$27,872
Actual variable overhead cost
$8,844
The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased.
Required -
a. Compute the materials quantity variance.
b. Compute the materials price variance.
c. Compute the labor efficiency variance.
d. Compute the labor rate variance.
e. Compute the variable overhead efficiency variance.
f. Compute the variable overhead rate variance.
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