WHAT WAS THE TOTAL LABOR VAR WHAT WAS THE LABOR RATE VARIANCE WHAT WAS THE LABOR

Question

WHAT WAS THE TOTAL LABOR VAR WHAT WAS THE LABOR RATE VARIANCE WHAT WAS THE LABOR EFFICIENCY VARIANCE Question # 6 the Miranda Company, 120,000 items were shipped to customers using 2,300 direct labor hours. The company incurred a total of $7,360 in variable overhead costs According to the company's standards. 02 direct labor-hours are required to fulfill an order for one item and the variable overhead rate is $3.25 per direct labor hour WHAT IS THE TOTAL VARIABLE OVERHEAD VARIANCE? WHAT IS THE OVERHEAD RATE VARIANCE? WHAT IS THE VARIABLE OVERHEAD EFFICIENCY VARIANCE? Three pounds of product alpha are required for each bottle of Solution X. The cost of the product is s1.50 per pound. Budgeted production of Solution X is given below for the first three quarters of 2018 FIRST 60,000 SECOND 90,000 THIRD 150,000 Production The inventory of product alpha at the end of a quarter must be equal to 20% of the following quarters production needs. Some 36000 pounds of product alpha will be on hand to start the first quarter PREPARE A DIRECT MATERIALS BUDGET FOR PRODUCT ALPHA FOR THE FIRST TWO QUARTERS AND SHOW THE AMOUNT OF PURCHASES FOR THE FIRST TWO QUARTERS.

Explanation / Answer

As per chegg guidelines we answer one question per post. Kindly post remaining questions in next post Dear Student Thank you for using Chegg Please find below the answer and please give thumbs up   Standard Actual Particulars Hours Rate amount Hours Rate amount Variable Overhead              2,400.00                      3.25              7,800.00              2,300.00                  3.2000              7,360.00 Actual output         120,000.00 Labour hrs reqd (120000*.02)              2,400.00 Variable overhead cost variance = Standard cost - Actual cost Variable overhead cost variance = 7800 - 7360 Variable overhead cost variance = 440 F VORV = (SR-AR)AH VORV = (3.25 - 3.20)2300 VORV = 115 F VOEV = (SH-AH)SR VOEV = (2400 - 2300)3.25 VOEV = 325 F

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