Maurice Tutor

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    Argosy University/ Phoniex University/
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    Oct-2001 - Nov-2016

Category > Accounting Posted 18 Aug 2017 My Price 12.00

Pace Labs, Inc

Pace Labs, Inc. provides mad cow disease testing for both state and federal governmental agricultural agencies. Because the companyAc€?cs customers are governmental agencies, prices are strictly regulated. Therefore, Pace Labs must constantly monitor and control its testing costs. Shown below are the standard costs for a typical test.
Direct materials (2 test tubes @ $1.00 per tube)   $ 2.00
Direct labor (1 hour @ $32 per hour)   32.00
Variable overhead (1 hour @ $7 per hour)   7
Fixed overhead (1 hour @ $13 per hour)   13
    Total standard cost per test   $54.00

The lab does not maintain an inventory of test tubes. Therefore, the tubes purchased each month are used that month. Actual activity for the month of November 2014, when 1,200 tests were conducted, resulted in the following:
Direct materials (2,472 test tubes)   $ 2,200
Direct labor (1,248 hours)   38,688
Variable overhead   8,304
Fixed overhead   14,904

Monthly budgeted fixed overhead is $18,590. Revenues for the month were $79,200, and selling and administrative expenses were $4,170.
 
(a) Compute the price and quantity variances for direct materials and direct labor.
Materials price variance   $   UnfavorableFavorable
Materials quantity variance   $   UnfavorableFavorable
Labor price variance   $   FavorableUnfavorable
Labor quantity variance   $   FavorableUnfavorable

(b) Compute the total overhead variance.
Total Overhead variance   $   FavorableUnfavorable

I would like to understand how to solve this problem not just get the answers, because I have an exam tomorrow. Thank you so much.

 

Answers

Maurice Tutor
(5)
Status NEW Posted 18 Aug 2017 05:08 PM My Price 12.00

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