Chillco Corporation produces containers of frozen food. During April, Chillco produced 765 cases of food and incurred the following actual costs.
Variable overhead $ 6,500
Fixed overhead 13,200
Actual labor cost (5,500 direct-labor hours) 104,500
Actual material cost (24,000 pounds purchased and used) 81,600
Overhead is budgeted and applied using direct-labor hours in a standard costing system. Standard cost and annual budget information are as follows:
Standard Costs per Case
Direct labor (5 hours at $18 per hour) $ 90.00
Direct material (30 pounds at $3.00 per pound) 90.00
Variable overhead (5 direct-labor hours at $1.70 per hour) 8.50
Fixed overhead (5 direct-labor hours at $3 per hour) 15.00
Total $ 203.50
Annual Budget Information Variable overhead $ 85,000
Fixed overhead $ 150,000
Planned activity for year 50,000 direct-labor hours
Compute the following cost variances from the available data.
a. Direct materials price variance
b. Direct materials purchase price variance
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