Lubbock Company has made the following information available for its production facility for the current month.Fixed overhead was estimated at 22,000 machine hours for the production cycle.Actual machine hours for the period were 22,500;4,200 units were produced.
Lubbock Company's standard costs are as follows:
Determine the following items:
a. material purchase price variance
b. standard quantity allowed for material
c. total standard cost of material allowed
d. actual quantity of material used.
e. labor rate variance
f. standard hours allowe for labor
g. total standard cost of labor allowed
h. labor efficiency variance
i. actual variable overhead incured
j. standard machine hours allowed.
k. variable overhead efficiency variance
l. budgeted fixed overhead
m. applied fixed overhead
n. fixed overhead spending variance
o. volume variance
p. total overhead variance
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