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Unformatted text preview: Material 1 pound at $5 per lb. $ 5 Labor 5 hours at $8 per hour 40 Variable overhead 5 hours at $4 per hour 20 Actual: Produced 1,000 units of product Purchased 2,000 pounds @ $5.10 per pound = $10,200 Used 980 pounds on production Direct labor 4,800 hours at $9 per hour = $43,200 Variable factory overhead = $24,000 Compute the variances: material price variance: material quantity variance: Could the amount of one variance affect another variance? labor rate variance: Labor efficiency variance: Total labor variance: Variable overhead spending variance: Variable overhead efficiency variance: Total variable overhead variance: 2...
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This note was uploaded on 12/11/2009 for the course ACIS 2115 at Virginia Tech.