Problem:
Standard Corporation uses a standard cost system. The following information was provided for the period that just ended: Standard time per completed unit 3 hrs. Actual total factory overhead $108,000 Fixed factory overhead $60,000 Standard fixed factory overhead rate $2.00 per labor hour Standard variable factory overhead rate $1.50 per labor hour Normal capacity 30,000 hours Plant operated during the period 28,000 hours Units completed during the period 9,000 The fixed factory overhead volume variance is $6,000 favorable. $3,000 favorable. $3,000 unfavorable. $6,000 unfavorable.
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