1.Lido Company's standard and actual costs per unit for the most recent period, during which 500 units were actually produced, are given below:

Standard Actual
Materials:
Standard: 2 feet at $1.50 per foot $ 3.00
Actual: 1.9 feet at $1.60 per foot $ 3.04
Direct labor:
Standard: 1.5 hours at $6.00 per hour 9.00
Actual: 1.7 hours at $6.30 per hour 10.71
Variable manufacturing overhead:
Standard: 1.5 hours at $3.40 per hour 5.10
Actual: 1.7 hours at $3.00 per hour 5.10
Total unit cost $17.10 $18.85

All of the material purchased during the period was used in production during the period.

Required:

From the foregoing information, compute the following variances. Indicate whether the variance is favorable (F) or unfavorable (U):
a. Material price variance.
b. Material quantity variance.
c. Direct labor rate variance.
d. Direct labor efficiency variance.
e. Variable overhead spending variance.
f. Variable overhead efficiency variance

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a. Material price variance.
(Standard Rate - Actual Rate) x Actual Quantity used
b. Material quantity variance.
(Standard Quantity Allowed - Actual Quantity Used) x Standard Rate
c. Direct labor rate variance.
(Standard Rate - Actual Rate) x Actual hours worked
d. Direct labor efficiency variance.
(Standard Hours allowed - Actual hours worked) x Standard Rate
e. Variable overhead spending variance.
Budgeted allowance for capacity attained - Actual variable overheads
f. Variable overhead efficiency variance
(Standard Hours allowed - Actual hours worked) x Standard Variable Overhead Rate