Response to the following :
1. Medford Tooling uses a standard cost system to account for the costs of its one product. Standards are 4 sheets of 1/2 inch steel at $110 per sheet and 14 hours of labor at a standard wage rate of $13. During July, Medford Tooling produced 600 units. Materials purchased and used totaled 2,540 sheets at a total cost of $268,850. Payroll totaled $112,930 for 8,770 hours worked.
(With the explanation please)
a. Direct materials price variance
b. Direct materials quantity variance
c. Direct labor rate variance
d. Direct labor efficiency variance
2. Superior Coop uses a standard cost system to account for the costs of its one product. Variable overhead is applied using direct labor hours. Standards allowed for each unit are 3 hours of labor at a variable overhead rate of $10. During November, Superior Coop produced 2300 units. Payroll totaled $97,780 for 7,140 hours worked. Variable overhead incurred total $73,230.
a. Variable overhead rate variance
b. Variable overhead efficiency variance
3. Ashland South Shore Co. produces thingamajigs and uses a standard cost system. Variable overhead is applied using direct labor hours. Standards allowed for each unit are 5.2 hours of labor at a standard variable overhead rate of $6.50. During December, Ashland South Shore Co. produced 3,100 thingamajigs. Materials purchases totaled 20,800 pounds at a total cost of $224,780. Materials usage totaled 20,970 pounds. Payroll totaled $183,660 for 17,140 hours worked. Variable overhead incurred totaled $109,140.
a. Variable overhead rate variance
b. Variable overhead efficiency variance
Can you please provide the explanation as well?