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Arrow Enterprises uses a standard costing system. The standard cost sheet for product no. 549 follows.

Direct materials: 4 units @ $6.50 $26.00
Direct labor: 8 hours @ $8.50 68
Variable factory overhead: 8 hours @ $7.00 56
Fixed factory overhead: 8 hours @ 2.5 20
Total standard cost per unit $170.00

The following information pertains to activity for December:

· Direct materials acquired during the month amounted to 26,350 units at $6.40 per unit. All materials were consumed in operations.

· Arrow incurred an average wage rate of $8.75 for 51,400 hours of activity.

· Total overhead incurred amounted to $508,400. Budgeted fixed overhead totals $1.8 million and is spread evenly throughout the year.

· Actual production amounted to 6,500 completed units.

Instructions:

· Compute Arrow's direct material variances.

· Compute Arrow's direct labor variances.

· Compute Arrow's variances for factory overhead.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M944635

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