Question - Computation of Variances and Other Missing Data
The following data for O'Keefe Company pertain to the production of 300 units of Product X during December. Selected data items are omitted.
Direct Materials (all materials purchased were used during period)
Standard Cost per unit:
a) pounds at $3.20 per pound. Total actual cost:
b) Pounds costing $5673 Standard cost allowed for units produced: $5760 Material price variance:
c) Materials quantity variance: $96 U
Direct Labor
Standard cost: 2 hours at $7
Actual cost per hour: $7.25
Labor rate variance: e) Labor efficiency variance: $140 U
Variable Overhead
Standard costs: f) hours at $4 per direct labor hour
Actual cost: $2250
Variable overhead spending variance: g)
Variable overhead efficiency variance: h)
Required: Complete the missing amounts lettered a) through h).