Question
Required information Use the following information for the Exercises below. [The following information applies to the...
Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below.] A manufactured product has the following information for June. Direct materials Direct labor Overhead Units manufactured Standard (5 lbs. @ $7 per lb.) (3 hrs. @ $16 per hr.) (3 hrs. @ $13 per hr.) Actual 41,100 lbs. @ $7.20 per lb. 23,900 hrs. @ $16.50 per hr. $321,300 8,100
(2) Compute the total cost variance for June. Indicate whether the cost variance is favorable or unfavorable. Total cost variance Unfavorable
Answers
Total standard cost per unit = (5*7)+(3*16)+(3*13) = 122
Total standard cost = 122*8100 = 988,200
Total actual cost = (41100*7.20)+(23900*16.50)+321,300 = 1,011,570
Total Cost variance
= 1,011,570 - 988,200
= 23,370 Unfavorable
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