Future Plastics, Inc. manufactures plastic mats to use with rolling office chairs. Its standard cost...
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Future Plastics, Inc. manufactures plastic mats to use with rolling office chairs. Its standard cost information for last year follows: 12 pts Standard Quantity Standard Price Direct Materials 12 sq ft. $0.72 per sq ft Direct Labor .25 hour $12.20 per hour Variable Overhead .15hour $2 per hour
Future Plastic had actual results as follows: Number of units produced and sold 1,000,000 Number of square feet of plastic used 11,800,000 Cost of Plastic Purchased and used $8,260,000 Number of labor hours worked 245,000 Direct Labor Cost $2,891,000 Variable Overhead Cost $450,000
a. Calculate the price variance for direct materials
b. Calculate the quantity variance for direct materials
c. Calculate the rate variance for labor costs
d. Calculate the efficiency variance for labor
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