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Eastern Company uses a standard cost system in which manufacturing overhead is applied to units of product on the basis of standard direct labor-hours (DLHs). The denominator activity level is 60,000 direct labor-hours, or 300,000 units.
Standard
quantity or
hours
Standard price or
rate
cost
Direct materials
0.25 kilogram
$16 per kilogram
$4
Direct labor
0.20 DLH
$10 per DLH
2
Variable overhead
$5 per DLH
1
Fixed overhead
Total standard cost
$9
Units produced and sold
330,000
Actual direct labor-hours worked
64,800
Actual variable manufacturing overhead cost
$327,240
Actual fixed manufacturing overhead cost
$612,000
Required:
a. Compute the variable manufacturing overhead spending and efficiency variances.
b. Compute the fixed manufacturing overhead budget and volume variances.
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