PROBLEM 10–14 Comprehensive Variance Analysis [LO1, LO2, LO3]
Vitalite, Inc., produces a number of products, including a body-wrap kit. Standard variable costs relating to a single kit are given below:
During August, 500 kits were manufactured and sold. Selected information relating to the month’s production is given below:
The following additional information is available for August’s production of kits:
1. What was the total standard cost of the materials used during August?
2. How many yards of material are required at standard per kit?
3. What was the materials price variance for August if there were no beginning or ending inven- tories of materials?
4. What is the standard direct labor rate per hour?
5. What was the labor rate variance for August? The labor efficiency variance?
6. What was the variable overhead rate variance for August? The variable overhead efficiency variance?
7. Complete the standard cost card for one kit shown at the beginning of the problem.
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