00 Exercise 21-7 Standard unit cost; cost variances LO P2 A manufactured product has the following information for August Actual Standard 2 lbs. per unit @ $11.50 per lb. 0.5 hours per unit @ $88 per hour $120 per direct labor hour Direct materials Direct labor Overhead Units manufactured Total manufacturing costs 15,600 $1,976,400 botu (1) Compute the standard cost per unit. (2) Compute the total budgeted cost for production in August. (3) Compute the total cost variance for August (indicate the effect of each variance by selecting for favorable, unfavorable, and no variance) Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute the standard cost per unit. Direct materials Direct labor Overhead Total Exercise 21-7 Standard unit cost; cost variances LO P2 A manufactured product has the following information for August Actual Direct materials Direct labor Overhead Units manufactured Total manufacturing costs Standard 2 lbs. per unit @ $11.50 per lb. 0.5 hours per unit @ $88 per hour $120 per direct labor hour 15,6ea $1,976,480 (1) Compute the standard cost per unit. (2) Compute the total budgeted cost for production in August (3) Compute the total cost variance for August (indicate the effect of each variance by selecting for favorable, unfavorable, and no variance) Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute the total budgeted cost for production in August. Total budgeted cos! Exercise 21-7 Standard unit cost; cost variances LO P2 A manufactured product has the following information for August. points Direct materials Direct labor Overhead Units manufactured Total manufacturing costs Standard 2 lbs. per unit $11.50 per lb. 0.5 hours per unit @ $88 per hour $120 per direct labor hour eBook 15.600 $1,976,480 References (1) Compute the standard cost per unit (2) Compute the total budgeted cost for production in August. (3) Compute the total cost variance for August. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance) Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute the total cost variance for August. Indicate whether the cost variance is favorable, unfavorable or no variance. Cost variance ( Required 2 Required 3 > Saved Exercise 21-11 Direct materials and direct labor variances LO P3 Hutto Corp. has set the following standard direct materials and direct labor costs per unit for the product manufactures points eBook Direct materials (15 lbs. @ $4 Direct labor (4 hrs. $14 per hr.) per lb.) 68 56 Reference During May the company incurred the following actual costs to produce 8,100 units. Direct materials (123,600 lbs. $3.80 per lb.) Direct labor (35,800 hrs. @ $14.10 per hr.). $469,680 44.788 AH-Actual Hours SH - Standard Hours AR Actual Rate SR Standard Rate AQ - Actual Quantity SO Standard Quantity AP Actual Price SP Standard Price (1) Compute the direct materials price and quantity variances, indicate the effect of each variance by selecting for favorable, unfavorable, and no variance.) (2) Compute the direct labor rate variance and the direct labor efficiency variance indicate the effect of each variance by selecting for favorable, unfavorable, and no variance. Round "Rate per hour answers to 2 decimal places.) Complete this question by entering your answers in the tabs below. Required Required Compute the direct materials price and quantity variances. Indicate whether each variance is favorable or unfavorable. Actual Cost Standard Cost Required 1 Required 2 > Exercise 21-11 Direct materials and direct labor variances LO P3 Hutto Corp has set the following standard direct materials and direct labor costs per unit for the product manufactures Direct materials (15 lbs. 14 per tb.) Direct labor (4 hrs. 514 per hr.) 36 During May the company incurred the following actual costs to produce $300 units 4 . Direct materials (123,600 lbs. $3.80 per lb.) Direct taber (35,800 hrs. $14.10 per hr.). AH-Actual Hours SH Standard Hours AR - Actual Rate SR Standard Rate AQ - Actual Quantity SO Standard Quantity AP Actual Price SP- Standard Price (1) Compute the direct materials price and quantity variances. Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance.) Compute the direct labor rate variance and the direct labor efficiency variance indicate the effect of each variance by selecting for favorable, unfavorable, and no variance. Round "Rate per hour answers to 2 decimal places.) Complete this question by entering your answers in the tabs below. Required Required Compute the direct labor rate variance and the direct labor efficiency variance Indicate whether each variance is favorable or unfavorable. Standard Cost (Required 1