19 Feb Calculate price and quantity variances as well as
Calculate price and quantity variances as well as spending and efficiency variances. Be sure to specify whether variances are favorable or unfavorable. Keep in mind that price and quantity variances for each category should add up to the total variance for that category.Given the following information:Variable overhead costs incurred $20,570Material purchased and used 2,900 poundsDirect labor costs incurred $24,500Direct labor hours incurred 2,450 hoursFinished units produced 500 unitsActual material cost $37 per poundStandard direct labor cost $9 per hourStandard material cost $40 per poundStandard variable overhead $8 per hourStandard pounds of material in a finished unit 6 poundsStandard direct labor hours per finished unit 5 hoursRequired:Compute the price and quantity variances for direct materials.Compute the price and quantity variances for direct labor.Compute the spending (price) and efficiency (quantity) variances for variable overhead.
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