Galeazzi Corporation Makes a Product with the Following Standard Costs

question 342

Essay

Galeazzi Corporation makes a product with the following standard costs: In October the company produced 3,000 units using
8,380 pounds of the direct material and 2,610 direct labor-hours.During the month, the company purchased 9,500 pounds of the direct material at a total cost of $55,100.The actual direct labor cost for the month was $48,546 and the actual variable overhead cost was $16,965.The company applies variable overhead on the basis of direct labor-hours.The direct materials purchases variance is computed when the materials are purchased.
Required:
a.Compute the materials quantity variance.
b.Compute the materials price variance.
c.Compute the labor efficiency variance.
d.Compute the labor rate variance.
e.Compute the variable overhead efficiency variance.
f.Compute the variable overhead rate variance.

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Definitions:

Artistic Movement

A trend or style in art with a specific common philosophy or goal, shared by a group of artists during a restricted period of time.

Art Nouveau

French, “new art.” A late-19th- and early-20th-century art movement whose proponents tried to synthesize all the arts in an effort to create art based on natural forms that could be mass produced by technologies of the industrial age. The movement had other names in other countries: Jugendstil in Austria and Germany, Modernismo in Spain, and Stile Floreale in Italy.

Structural Techniques

Methods or strategies used in architecture and engineering to ensure the stability and durability of a structure.

Antonio Gaudí

A Catalan architect known for his highly individualized and distinctive style, most notably exemplified in the still-incomplete Sagrada Família in Barcelona.