Mirabito Inc. has provided the following data concerning one of the products in its standard cost system. Variable manufacturing overhead is applied to products on the basis of direct labor-hours.
The company has reported the following actual results for the product for December:
Required:
a. Compute the materials price variance for December.
b. Compute the materials quantity variance for December.
c. Compute the labor rate variance for December.
d. Compute the labor efficiency variance for December.
e. Compute the variable overhead rate variance for December.
f. Compute the variable overhead efficiency variance for December.
Definitions:
Independent Variables
Factors in an experiment that are intentionally varied to observe their impact on other variables, essentially the same as an independent variable but rephrased.
One-Way Analysis
Often refers to one-way analysis of variance (ANOVA), a statistical method used to compare the means of three or more samples using variances.
Dependent Variable
A variable in an experiment that is expected to change as a result of manipulations made to the independent variable.
Manipulation Check
A test used to determine whether the manipulation of the independent variable has had the intended effect on the subjects.
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