The following data were drawn from the records of Miller Corporation.

Planned volume for year (static budget) 3,500 units

Standard direct materials cost per unit 3.80 pounds @ $ 1.60 per pound

Standard direct labor cost per unit 3.10 hours @ $ 4.30 per hour

Total expected fixed overhead costs $ 17,850

Actual volume for the year (flexible budget) 3,800 units

Actual direct materials cost per unit 3.40 pounds @ $ 1.90 per pound

Actual direct labor cost per unit 3.50 hours @ $ 3.80 per hour

Total actual fixed overhead costs $ 13,950

**Required**

**Calculate the standard price, the actual price, the standard quantity, and the actual quantity.****Calculate the materials price and usage variances. Indicate whether the variances are favorable (F) or unfavorable (U).****Calculate labor variance information table showing the standard price, the actual price, the standard hours, and the actual hours.****Calculate the labor price and usage variances. Indicate whether the variances are favorable (F) or unfavorable (U).****Calculate the predetermined overhead rate, assuming that Miller uses the number of units as the allocation base.****Calculate the fixed cost spending variance. Indicate whether the variance is favorable (F) or unfavorable (U).****Calculate the fixed cost volume variance. Indicate whether the variance is favorable (F) or unfavorable (U).**

#### Top Answer

Material Price Variance = (Standard price - Actual Price )*Actual Quantity Material Price Variance = (1.6-1.9) * 12920... View the full answer