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

Essay

Lido Company's standard and actual costs per unit for the most recent period,during which 400 units were actually produced,are given below:
$\begin{array}{|l|r|r|}\hline & \text { Standard } & \text { Actual } \\\hline \text { Materials: } & & \\\hline \text { Standard: } 2 \text { metres at } \$ 1.50 \text { per } \mathrm{m} & \$ 3.00 & \\\hline \text { Actual: } 2.1 \text { metres at } \$ 1.60 \text { per } \mathrm{m} & & \$ 3.36 \\\hline \text { Direct labour: } & & \\\hline \text { Standard: } 1.5 \text { hrs. at } \$ 6.00 \text { per hr. } & 9.00 & \\\hline \text { Actual: } 1.4 \text { hrs. at } \$ 6.50 \text { per hr: } & & 9.10 \\\hline \text { Variable overhead: } & & \\\hline \text { Standard: } 1.5 \text { hrs. at } \$ 3.40 \text { per hr. } & 5.10& \\\hline \text { Actual: } 1.4 \text { hrs. at } \$ 3.10 \text { per hr. } & & 4.34 \\\hline \text { Total unit cost } & \$ 17.19 & \$ 16.80 \\ \hline\end{array}$
There were no inventory of materials at the beginning or end of the period.
Required:
From the above information,compute the following variances.Show whether the variance is favourable (F)or unfavourable (U):
a)Materials price variance
b)Materials quantity variance
c)Direct labour rate variance
d)Direct labour efficiency variance
e)Variable overhead spending variance
f)Variable overhead efficiency variance