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Formula Variance Direct materials efficiency variance ILI 11 Direct labor efficiency variance Direct labor cost variance (AC-SC)XAQ 240U Next compute the efficiency variances Select the required formulas, compute the efficiency variances for direct materials and direct labor and identify whether each variance is favorable (F) or unfavorable (U) (Abbreviations used: AC = actual cost AQ - actual quantity: FOH = overhead: SC standard cost E 50 = standard quantity) Standard Cost Information Cost Quantity 2 parts $ 0.02 hours 0.02 hours Direct Materials Direct Labor Variable Manufacturing Overhead dider 0.17 per part 7.00 per hour 10.00 per hour AG Fixed Manufacturing Overhead (533,320 for static budget volume of 98,000 units and 1.980 hours, or $17 per hour) Actual Cost Information Direct Materials S S 46.420 (211.000 parts @ (1.660 hours 0.22 per part 7.15 per hour Direct Labor 5 11.869 13.000 Variable Manufacturing Overhead Fixed Manufacturing Overhead 31.000 DGet Answers to Unlimited Questions
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