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The XYZ Company uses a standard cost accounting system and estimates production for 2007 to be 60,000 units. At this volume, the company's variable overhead costs are $.50 per direct labor hour.
The company's single product has a standard cost of $30.00 per unit. Included in the $30.00 is $13.20 for direct materials (3 yards) and $12.00 of direct labor (2 hours). Production information for the month of March 2007 follows:
Required: (Be sure to indicate whether the variances are favorable or unfavorable.)
a. Prepare the standard cost sheet for the company.b. Compute the direct material price variance, assuming the material price variance is the responsibility of the company's purchasing agent.c. Prepare the journal entry to record the purchase of direct materials.d. Compute the direct labor efficiency variance.e. Compute the budgeted fixed overhead costs for the month and for the year.f. Compute the fixed overhead volume variance.
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