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Haliburton Mills Inc. is a large producer of men s and women s...

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Question

Accounting

Haliburton Mills Inc. is a large producer of men
s and women
s clothing. The company uses standard costs for all of its products. The standard costs and actual costs for a recent period are given below for one of the company
s product lines
(
per unit of product
)
: Standard Cost Actual Cost Direct materials: Standard:
4.0
metres at $
5.40
per metre $
20.00
Actual:
4.4
metres at $
5.05
per metre $
20.90
Direct labour: Standard:
1.6
hours at $
6.75
per hour
13.50
Actual:
1.4
hours at $
7.30
per hour During this period, the company produced
4800
units of product. A comparison of standard and actual costs for the period on a total cost basis is also given above. There was no inventory of materials on hand to start the period. During the period,
22
,
000
metres of materials was purchased and used in production. Required:
1.
For direct materials: a
.
Compute the price and quantity variances for the period.
2.
For direct labour: a
.
Compute the rate and efficiency variances.
3.
Compute the variable manufacturing overhead spending and efficiency variances.

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