The Vienna Company, which manufactures violins, has established the following standard cost per violin: Direct material 3 pounds standard price 4.00 per pound cost 12.00 direct labor 2 hours standard price 8.00 per hour 16.00 standard cost Variable mfg overhead 2 hours standard price is 5.00 per hour and standard cost is 10.00.
Vienna produced 600 violins. To produce the violins, the company used 2,000 pounds of direct materials at a total cost of $7,600; employees worked 1,100 direct labor hours and the total amount paid for direct labor was $9,240; and actual variable manufacturing overhead spending was $5,720. Variable manufacturing overhead is based upon direct labor hours.
What is the material price variance?
What is the materials quantity variance?
What is the labor rate variance?
What is the labor efficiency variance?
What is the labor spending variance?
What is the variable overhead rate variance?
What is the variable overhead efficiency variance?