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Lido Company's standard and actual costs per unit for the most recent period, during which 400...

Lido Company's standard and actual costs per unit for the most recent period, during which 400 units were actually produced, are given below: Standard Actual Materials: Standard: 2 metres. at $1.50 per metre $3.00 Actual: 2.1 metres at $1.60 per metre $3.36 Direct labour: Standard: 1.5 hrs. at $6.00 per hr. 9.00 Actual: 1.4 hrs. at $6.50 per hr. 9.10 Variable overhead: Standard: 1.5 hrs. at $3.40 per hr. 5.10 Actual: 1.4 hrs. at $3.10 per hr. 4.34 Total unit cost $17.10 $16.80 All materials used were purchased during the period - there were no opening or closing inventories. Required: From the foregoing information, compute the following variances. Show whether the variance is favourable (F) or unfavourable (U): 1. Material price variance 2. Material quantity variance 3. Direct labour rate variance 4. Direct labour efficiency variance 5. Variable overhead spending variance 6. Variable overhead efficiency variance

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Expert Solution

Please find below table useful to compute desired results: -

End results would be as follows: -

ekkarill92 answered 2 years ago
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