First Trax Company manufactures snowboards. Its standard cost information follows.
First Trax has the following actual results for the month of June:
Number of units produced and sold ………………………………………………………. 600
Number of square feet of fiberglass purchased and used …………………… 7,800
Cost of fiberglass purchased and used ……………………………………………. $42,900
Number of labor hours worked ………………………………………………………….. 2,700
Direct labor cost …………………………………………………………………………….. $40,500
Variable overhead cost …………………………………………………………………… $12,600
Fixed overhead cost ……………………………………………………………………….. $62,000
Required:
Calculate the following for First Trax:
1. Direct materials price, quantity, and spending variances.
2. Direct labor rate, efficiency, and spending variances.
3. Variable overhead rate, efficiency, and spending variances.
4. Fixed overhead spending (budget) and volume variances.
