Thompson Company Uses a Standard Cost System for Its Single

Essay

Thompson Company uses a standard cost system for its single product. The following data are available:
Actual experience for the current year: Standards per unit of product: Required:
Compute the following variances for raw materials, direct labor, and variable overhead, assuming that the price variance for materials is recognized at point of purchase:
a. Direct materials price variance.
b. Direct materials quantity variance.
c. Direct labor rate variance.
d. Direct labor efficiency variance.
e. Variable overhead rate variance.
f. Variable overhead efficiency variance.