Lido Company's standard and actual costs per unit for the most recent period, during which 500 units were actually produced, are given below:
All of the materials purchased during the period were used in production during the period.
Required:
From the foregoing information, compute the following variances. Indicate whether the variance is favorable (F) or unfavorable (U):
a. Material price variance.
b. Material quantity variance.
c. Labor rate variance.
d. Labor efficiency variance.
e. Variable overhead rate variance.
f. Variable overhead efficiency variance.

Question

Lido Company's standard and actual costs per unit for the most recent period, during which 500 units were actually produced, are given below:
  All of the materials purchased during the period were used in production during the period.
Required:
From the foregoing information, compute the following variances. Indicate whether the variance is favorable (F) or unfavorable (U):
a. Material price variance.
b. Material quantity variance.
c. Labor rate variance.
d. Labor efficiency variance.
e. Variable overhead rate variance.
f. Variable overhead efficiency variance.

Quizplus · Accepted Answer

The Answer of Lido Company's standard and actual costs per unit for the most recent period, during which 500 units were actually produced, are given below:
  All of the materials purchased during the period were used in production during the period.
Required:
From the foregoing information, compute the following variances. Indicate whether the variance is favorable (F) or unfavorable (U):
a. Material price variance.
b. Material quantity variance.
c. Labor rate variance.
d. Labor efficiency variance.
e. Variable overhead rate variance.
f. Variable overhead efficiency variance.

Lido Company's Standard and Actual Costs Per Unit for the Most