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Question: high end crockery corp set the following standards for their...

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High End Crockery Corp set the following standards for their pottery bowls:

Std Qty or Hrs Std Rate or Price
Direct materials 5.5 lbs per bowl $6.50 per lb
Direct labor .4 hrs per bowl $22.50 per hour
Variable Overhead .4 hrs per bowl $2.50 per hour

The actual results ae as follows:

Actual output 8,250 units
Raw materials purchased 45,900 lbs
Raw materials used in production 44,750 lbs
Actual price raw materials $6.25 per lb
Actual direct labor hours 3,200 hours
Actual direct labor rate $22.75 per hour
Actual variable overhead rate $2.00

per hour

  1. What is the materials price variance?

  2. Is the materials price variance favorable or unfavorable? Indicate F or U as your answer

  1. What is the materials quantity variance?

  1. Is the materials quantity variance favorable or unfavorable? Indicate F or U as your answer

  1. What is the labor rate variance?

  2. Is the labor rate variance favorable or unfavorable? Indicate F or U as your answer

  3. What is the labor efficiency variance?

  4. Is the labor efficiency variance favorable or unfavorable? Indicate F or U as your answer

  5. What is the variable overhead rate variance?

  6. Is the variable overhead rate favorable or unfavorable? Indicate F or U as your answer

  7. What is the variable overhead efficiency variance?

  8. Is the variable overhead efficiency variance favorable or unfavorable? Indicate F or U as your answer

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