Assignment Problem: Straightforward Variance Analysis
Arrow Enterprises uses a standard costing system. The standard cost sheet for product No. 549 follows:
Direct materials: 4 units @ $6.50 $26.00
Direct labor: 8 hours @ $8.50 68.00
Variable factory overhead: 8 hours @ $7.00 56.00
Fixed factory overhead: 8 hours @ $2.50 20.00
Total standard cost per unit $170.00
The following information pertains to activity for December:
1) Direct materials acquired during the month amounted to 26,350 units at $6.40 per unit. All materials were consumed in operations.
2) Arrow incurred an average wage rate of $8.75 for 51,400 hours of activity.
3) Total overhead incurred amounted to $508,400. Budgeted fixed overhead totals $1.8 million and is spread evenly throughout the year.
4) Actual production amounted to 6,700 completed units.
Assignment Instructions:
a. Compute Arrow's direct material variances.
b. Compute Arrow's direct labor variances.
c. Compute Arrow's variances for factory overhead.
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