Scotch Brand Products Produces Packaging Tape and Has Determined the Following

question 70

Multiple Choice

Scotch Brand Products produces packaging tape and has determined the following to be its standard cost of producing one case of budget packaging tape: $$\begin{array} { l r } \text { Material (3.50 ounces at } \$ 1.30 \text { per ounce) } & \$ 4.55 \\\text { Labor } ( 0.30 \text { hour at } \$ 12.00 \text { per hour) } & 3.60 \\\text { Overhead } & 2.20 \\\text { Total } & \$ 10.35\end{array}$$ At the start of 2017, Scotch Brand planned to produce 80,000 cases of tape during the year.Overhead is allocated based on the number of cases of tape produced.Annual fixed overhead is budgeted at $56,000 and variable overhead costs are budgeted at $1.50 per case.The following information summarizes the results for 2017:
-Actual production, 75,000 cases
-Purchased 275,000 ounces of material at a total cost of $343,750
-Used 266,250 ounces of material in production
-Employees worked 22,000 hours, total labor cost $275,000
-Actual overhead incurred, $175,000
How much is the labor efficiency variance for 2017?

• A)$11,000 unfavorable
• B)$5,000 unfavorable
• C)$6,000 favorable
• D)$24,000 favorable

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Definitions:

Average Variable Costs

The variable cost (e.g., labor, raw materials) per unit of output, calculated by dividing total variable costs by the quantity of output produced.

Average Total Costs

The per unit cost of production, calculated by dividing the total cost of production by the number of units produced.

Total-Cost Curve

A graph that depicts the total cost of producing different quantities of a good or service, considering both fixed and variable costs.

Increasing Rate

Describes a situation where a quantity or metric, such as inflation, interest rates, or population, is growing over time.