Variances, Entries, and Income StatementA summary of Martindale Company's manufacturingvariance report for May follows:Direct materialDirect laborVariable overheadFixed overheadTotal StandardCosts (9,200units)$38,640193,20022,0809,660$263,580ActualCosts(9,200units)Variances$41,760 $3,120 U191,7601,440 F23,230 1,150 U9,660$266,410 $2,830 UStandard materials cost per unit of product is 0.5pounds at $8.40 per pound, and standard direct laborcost is 1.5 hours at $14.00 per hour. The total actualmaterials cost represents 4,800 pounds purchased at$8.70 per pound. Total actual labor cost represents14,100 hours at $13.60 per hour. According tostandards, variable overhead rate is applied at $1.60 perdirect labor hour (based on a normal capacity of 15,000direct labor hours or 10,000 units of product). Assumethat all fixed overhead is applied to work-in-progressinventory. a. Determine the following variances:Do not use negative signs with any of your answers.Next to each variance answer, select either "F" forFavorable or "U" for Unfavorable.Materials VariancesActual cost:$Split cost:$Standard cost:$Materials price$Materials efficiency $Labor VariancesActual cost:$Split cost:$Standard cost: $Labor rate$Labor efficiency $Actual cost:Split cost:Standard cost:Variable overhead spending $Variable overhead efficiency $<$$◄►(▶►Variable Overhead Variances◄►¶

Name: Variances, Entries, and Income StatementA summary of Martindale Compa
Uploaded: 2024-03-20T06:33:06.000Z
Channel: Bartleby
Description: Variances, Entries, and Income StatementA summary of Martindale Company's manufacturingvariance report for May follows:Direct materialDirect laborVariable overheadFixed overheadTotal StandardCosts (9,200units)$38,640193,20022,0809,660$263,580ActualC