Complete the grey boxes with the variance amounts and if the variance is favorable or unfavorable.
Standard Costs/Quantities Actual Costs/Quantities
Materials Cost $2.00 per unit $1.80 per unit
Material Quantity 585,000 lbs 640,000 lbs
Labor Cost $13/hour $15/hour
Labor Hours 21,000 hours 18,900 hours
Overhead 78,000 hours times an overhead application rate of $3.50 $300.000
Materials Price Variance
Materials Cost Variance
Labor Rate Variance
Labor Efficiency Variance
Variable Overhead Spending
Variable Overhead Efficiency
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