Managerial Accounting: E11-12 At the start of 2015, Textile Express Company determined its standard

Managerial Accounting
E11-12 Calculating Labor and Overhead Variances
At the start of 2015, Textile Express Company determined its standard labor cost to be 2.38 hours per unit at $11 per hour. The budget for variable overhead was $7 per unit, and budgeted fixed overhead was $15,000 for the year.
Expected annual production was 6,000 units. During 2015, the actual cost of labor was $12 per hour. Textile Express produced 4,740 units requiring 11,700 direct labor hours. Actual overhead for the year was $51,180.Calculate the labor rate and efficiency variances and the controllable overhead variances and the overhead volume variance.
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