Antuan company set the following standard coats for one unit of its product.

Problem 8-3A Flexible budget preparation; computation of materials, labor, and overhead variances; and overhead variance report LO P1, P2, P3, C2 The following information applies to the questions displayed below Antuan Company set the following standard costs for one unit of its product Direct materials (3.0 Ibs$5.00 per Ib. Direct labor (1.7 hrs. $11.00 per hr.) Overhead (1.7 hrs.$18.50 per hr.) Total standard cost $15.00 18.70 $65.15 The predetermined overhead rate ($18.50 per direct labor hour) is based on an expected volume of 75% of the factory's capacity of 20000 units per month. Following are the company's budgeted overhead costs per month at the 75% capacity level. Overhead Budget (75% capacity) Variable overhead costs Indirect naterials Indirect labor Power s 15,000 75,000 15,000 Indirect materials Indirect labor Power $ 15,000 75,000 15,000 30,000 Repairs and maintenance Total variable overhead costs $135,000 Fixed overhead costs Depreciation-Building Depreciation-Machinery Taxes and insurance Supervision Total fixed overhead costs 24,000 71,000 17,000 224,750e 336,750 $471,750 Total overhead costs The company incurred the following actual costs when it operated at 75% of capacity in October Direct materials (46,000 Ibs. $5.10 per 1b.) Direct labor (21,000 hrs. $11.30 per hn.) Overhead cost:s S 234,600 237,300 Indirect materials Indirect labor Power Repairs and maintenance Depreciation-Building Depreciation-lachinery Taxes and insurance Supervision $ 41,850 176,150 17,250 34,500 24,000 95,850 15,300 Total costs $ 1, 101,s50 Required 182 Prepare flexible overhead budgets for October showing the amounts of each variable and fixed cost at the 65%, 75%, and 85% capacity levels and classify all items listed in the fixed budget as variable or fixed ANTUAN COMPANY Flexible Overhead Budgets For Month Ended October 31 Flexible Budget Flexible Budget for , 75% of capac Variable Amount Total Fixed 65%of 85% of Sales (in units) Variable overhead costs Fixed overhead costs Fixed overhead costs ces Total overhead costs 3. Compute the direct materials cost variance, including its price and quantity variances. AQ Actual Quantity SQ Standard Quantity AP Actual Price SP Standard Price Actual Cost Standard Cost 4. Compute the direct labor cost variance, including its rate and efficiency variances AH Actual Hours SH Standard Hours AR Actual Rate SR Standard Rate Actual Cost Standard Cost 5. Prepare a detailed overhead variance report that shows the variances for individual items of overhead. ANTUAN COMPANY Overhead Variance Report For Month Ended October 31 Expected production volume Production level achieved Volume variance Flexible Budget Actual ResultsVariances Fav.IUnfav Variable costs Fixed costs Fixed costs Total overhead costs