Bronfenbrenner Co.uses a standard cost system for its single product in which variable overhead is applied on the basis of direct labor hours.The following information is given:
Standard costs per unit: 
Actual experience for current year: 
Required:
Compute the following variances for raw materials, direct labor, and variable overhead, assuming that the price variance for materials is recognized at point of purchase:
a.Direct materials price variance.
b.Direct materials quantity variance.
c.Labor rate variance.
d.Labor efficiency variance.
e.Variable overhead rate variance.
f.Variable overhead efficiency variance.
Definitions:
Inventory
The raw materials, work-in-progress goods, and finished products that a business holds for the purpose of sale in the ordinary course of business.
Single-Step Income Statement
A simplified income statement that calculates net income or loss by subtracting total expenses from total revenues in one step.
Multiple-Step
An income statement format that segregates operating revenues and expenses from non-operating revenues, expenses, gains, and losses.
Revenues
Revenue that comes from regular business activities, factoring in discounts and allowances for products that are returned.
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