Question

Everywhere there is a "?", I need a formula and the answer.

Variance Analysis
Insert a formula into each cell marked with a "?". For the variances indicate whether they are favorable or unfavorable
Bradley Company produces a garden statue which requires the following variable manufacturing costs:
			Std Qty		Std Price/Rate
Direct material (mix)			6	lbs	0.06	per lb
Direct labor			1	hours	$16	per hour
Variable O/H (based on direct labor hours)			1	hours	$8.30	per hour
Standard Cost per Unit:
	Standard Cost
Direct Material	?
Direct Labor	?
Variable O/H	?
Total Std Cost per Unit	?
Bradley incurred the following variable production costs in February:
Units produced	500
	Actual Qty		Actual Price/Rate		Actual Cost
Direct materials	2880	lbs	$0.07	per lb	?
Direct labor	475	hours	$15.00	per hour	?
Variable O/H	475	hours	$8.00	per hour	?
Total Actual cost					?
Variance Calculations
Total Variance
Standard -	Actual =		Variance
?	?		?
Direct Material Variances
Total
Standard -	Actual =		Variance
?	?		?
Price
Difference in price x	Actual Qty =		Variance
?	?		?
Quantity
Difference in quantity x	Standard Price =		Variance
?	?		?
Direct Labor Variances
Total
Standard -	Actual =		Variance
?	?		?
Rate
Difference in price x	Actual Qty =		Variance
?	?		?
Efficiency
Difference in quantity x	Standard Price =		Variance
?	?		?
Variable O/H Variances
Total
Standard -	Actual =		Variance
?	?		?
Rate
Difference in price x	Actual Qty =		Variance
?	?		?
Efficiency
Difference in quantity x	Standard Price =		Variance
?	?		?

Answer 1

Standerd cost per unit :
Direct meterial		(6* .06)	0.36
Direct labour		(1 *16)	16
Variable OH		(1*8.3)	8.3
Total standeed cost per unit			$24.66
Actual cost
Direct meterial		2880*.07	201.6
Direct labour		475*15	7125
Variable OH		475*8	3800
Total standeed cost per unit			$11126.6
Material price variance
AP (a)	SP (b)	Variance (c=b-a)	AQ (d)	Total variance (e=c*d)	F/U
Material price variance = (AP-SP)*AQ
AP = Actual price per unit = $0.07
SP = Standard price per unit = $0.06
AQ = Actual quantity consumed= 2880
F= Favourable
U = Unfavourable
Material price variance
AP (a)	SP (b)	Variance (c=b-a)	AQ (d)	Total variance (e=c*d)	F/U
0.07	0.06	-0.01	2880	-28.8	U
Material quantity variance
AQ (a)	SQ (b)	Variance (c=b-a)	SP (d)	Total variance (e=c*d)	F/U
Material quantity variance = (AQ-SQ)*SP
AQ = Actual quantity consumed= 2880
SQ = Standard quantity = 500*6 = 3000
SP = Standard price per unit = $0.06
F= Favourable
U = Unfavourable
Material quantity variance
AQ (a)	SQ (b)	Variance (c=b-a)	SP (d)	Total variance (e=c*d)	F/U
2880	3000	120	0.06	7.2	F
Total Material variance
Total Actual		Total Std		Total variance	F/U
201.6		180		-21.6	U
(2880*.07)		(3000*0.06)
Labor Rate variance
AR (a)	SR (b)	Variance (c=b-a)	AH (d)	Total variance (e=c*d)	F/U
Labor Rate variance = (AR-SR)*AH
AR = Actual Rate per hour = $15
SR = Standard Rate per hour = $16
AH = Actual hours = 475
F= Favourable
U = Unfavourable
Labor Rate variance
AR (a)	SR (b)	Variance (c=b-a)	AH (d)	Total variance (e=c*d)	F/U
15	16	1	475	475	F
Labor Efficiency variance
AH (a)	SH (b)	Variance (c=b-a)	AR (d)	Total variance (e=c*d)	F/U
Labor Efficiency variance = (AH-SH)*AR
AH = Actual hours = 475
SH = Standard Hours = 500
SR = Standard Rate per hour =16
F= Favourable
U = Unfavourable
Labor Efficiency variance
AH (a)	SH (b)	Variance (c=b-a)	SR (d)	Total variance (e=c*d)	F/U
475	500	25	16	400	F
Total Labor variance
Total Actual		Total Std		Total variance	F/U
7125		8000		875	F
(475*15)		(500*16)
VOH spending variance
AR (a)	SR (b)	Variance (c=b-a)	AH (d)	Total variance (e=c*d)	F/U
VOH spending variance = (AR-SR)*AH
AR = Actual Rate per hour = $8
SR = Standard Rate per hour = $8.3
AH = Actual hours = 475
F= Favourable
U = Unfavourable
VOH spending variance
AR (a)	SR (b)	Variance (c=b-a)	AH (d)	Total variance (e=c*d)	F/U
8	8.3	0.3	475	142.5	F
VOH efficiency variance
AH (a)	SH (b)	Variance (c=b-a)	SR (d)	Total variance (e=c*d)	F/U
VOH efficiency variance = (AH-SH)*SR
AH = Actual hours = 475
SH = Standard Hours = 500
SR = Standard Rate per hour =8.3
F= Favourable
U = Unfavourable
VOH efficiency variance
AH (a)	SH (b)	Variance (c=b-a)	Price (d)	Total variance (e=c*d)	F/U
475	500	25	8.3	207.5	F
Total VOH variance
Total Actual		Total Std		Total variance	F/U
3800		4150		350	F
(475*8)		(500*8.3)