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Lido Company's standard and actual costs per unit for the most recent period, during which...

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Accounting

Lido Company's standard and actual costs per unit for the most recent period, during which 400 units were actually produced, are given below: Materials: Standard: 2 metres at $1.50 per m. Actual: 2.1 metres at $1.60 per m. Direct labour: Standard: 1.5 hrs. at $6.00 per hr. Actual: 1.4 hrs. at $6.50 per hr. Variable overhead: Standard: 1.5 hrs. at $3.40 per hr. Actual: 1.4 hrs. at $3.10 per hr. Total unit cost Standard Actual $3.00 $3.369.009.105.10 $17.194.34 $16.80 There were no inventory of materials at the beginning or end of the period. Required: From the above information, compute the following variances (1 point each for a total of 6 points). Show whether the variance is favourable (F) or unfavourable (U)(1 point each for a tot of 6 points): a) Materials price variance b) Materials quantity variance c) Direct labour rate variance d) Direct labour efficiency variance e) Variable overhead spending variance f) Variable overhead efficiency variance

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