Materials purchased 20,000 units Direct labour costs incurred $36,000 Total of direct labour rate and efficiency variances S 500 F Actual wage rate…

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Milberg Co. uses absorption costing and standard costing to improve cost control. In 2016, the total budgeted overhead rate was $1.55 per direct labour hour. When preparing the budget, Milberg expected a monthly activity level of 10,000 direct labour hours. The monthly variable overhead cost budgeted for this level of activity was $9,500.

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Materials purchased 20,000 units Direct labour costs incurred $36,000 Total of direct labour rate and efficiency variances S 500 F Actual wage rate…
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The following data on actual results are provided for the month of November 2016.

calculate the following variances:

Material Price Variance

Materials Quantity Variance

Total Materials Variance

Labor Price Variance

Labor Quantity Variance

Total Labor Variance

Variable Overhead Spending Variance

Variable Overhead Efficiency Variance

Variable Overhead Total Variance

Fixed Overhead Spending Variance

Fixed Overhead Efficiency Variance

Fixed Overhead Total Variance

* please include all formulas and do not use excel

*I am struggling with the fixed and variable overhead variances

Materials purchased20,000 unitsDirect labour costs incurred,000Total of direct labour rate and efficiency variancesS 500 FActual wage rate ($0.20 less than standard)$ 4.80Underapplied variable overhead costs$ 1,065 UTotal underapplied fixed and variable overhead costs$ 2,256 UMaterials price variance$ 200 FMaterials efficiency variance$ 610 FPrice of purchased materials$ 0.60 per unitMaterials used15,000 units

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