OPQ PharmaceuticalsScenario: Analyze Cost VariancesData:Standard Costs:Direct Materials: $15 per unitDirect Labor: $10 per unitVariable Overhead: $5...
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Accounting
OPQ Pharmaceuticals
Scenario: Analyze Cost Variances
Data:
- Standard Costs:
- Direct Materials: $15 per unit
- Direct Labor: $10 per unit
- Variable Overhead: $5 per unit
- Actual Production:
- Direct Materials Used: 20,000 units at $16 per unit
- Direct Labor Costs: $210,000
- Variable Overhead Costs: $90,000
Requirements:
- Calculate the Direct Materials Price and Quantity Variances.
- Calculate the Direct Labor Rate and Efficiency Variances.
- Calculate the Variable Overhead Spending and Efficiency Variances.
- Discuss the implications of these variances for OPQ Pharmaceuticals' cost control and performance evaluation.
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