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In: Accounting

The following information is provided to assist you in evaluating the performance of the production operations...

The following information is provided to assist you in evaluating the performance of the production operations of Studio Company:

Units produced (actual) 49,000
Master production budget
Direct materials $130,020
Direct labor 110,320
Overhead 171,390
Standard costs per unit
Direct materials $1.65 × 2 gallons per unit of output
Direct labor $14 per hour × 0.2 hour per unit
Variable overhead $12.50 per direct labor-hour
Actual costs
Direct materials purchased and used $124,160 (77,600 gallons)
Direct labor 125,307 (9,180 hours)
Overhead 169,200 (61% is variable)

Variable overhead is applied on the basis of direct labor-hours.

Required:

Calculate all variable production cost price and efficiency variances and fixed production cost price and production volume variances. (Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option.)

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ekkarill92 answered 2 years ago
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