2. Compute the labor rate and efficiency variances for August. (Input al amounts

Question

2. Compute the labor rate and efficiency variances for August. (Input al amounts as positive values.Indicate the offect of each varlance by selecting "F" for favorable, U" for unfavorable, and "None" for no effect (Le, zero variance).) Labor rate variance Labor efficiency variance 3. Compute the variable overhead rate and efficiency variances for August. (Input all amounts as positive values, Indicate the offect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (ie, zero variance).) Variable overhead rate variance Variable overhead efficiency variance

Explanation / Answer

Standard Actual Particulars Qty/ hours Rate amount Qty/ hours Rate amount Labour                  850.00                  6.0000              5,100.00                  500.00                    10.88              5,440.00 Overhead                  850.00                      4.20              3,570.00                  500.00                      8.16              4,080.00 Actual output              1,700.00 Labour hrs reqd = (1035/2070*1700)                  850.00 Direct labour per hour = 3/.50                      6.00 Variable overhead per hour = 2.10/.50                      4.20 2) DLRV= (SR-AR)AH DLRV= (6 - 10.88)500 DLRV= 2440 U DLEV = (SH-AH)SR DLEV = (850 - 500)6 DLEV = 2100 F 3) VORV = (SR-AR)AH VORV = (4.20- 8.16)500 VORV = 1980 U VOEV = (SH-AH)SR VOEV = (850 - 500)4.20 VOEV = 1,470 F

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