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Fifth assignment
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Galeazzi Corporation makes a product with the following standard costs:
tabletableStandard Quantityor HourstableStandard Priceor RateDirect materials, pounds,$ per poundDirect labor, hours,$ per hourVariable overhead, hours,$ per hour
In October the company produced units using pounds of the direct material and direct laborhours. During the month, the company purchased pounds of the direct material at a total cost of $ The actual direct labor cost for the month was $ and the actual variabl hoverhead cost was $ The company applies variable overhead on the basis of direct laborhours. The direct materials purchases variance is computed when the materials are purchased.
Required:
a Compute the materials quantity variance.
b Compute the materials price variance.
c Compute the labor efficiency variance.
d Compute the labor rate variance.
e Compute the variable overhead efficiency variance.
f Compute the variable overhead rate variance.
