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ACC 212 Challenge #7 Nam STANDARD COSTS AND VARIANCES Wakky Company produces widgets. In the table below, the company has begun the calculation of the standard cost to make one widget. Using the standard manufacturing overhead data provided, complete the table below to show the total manufacturing cost of one widget. The standards are to be computed based upon normal annual production of labor hours. At the beginning of the year, management made the following estimates related to overhead 70,000 widgets for the year, with factory overhead applied based on direct Standar For Normal Capacity (estimated at the beginning of the year for a production level of 70,000 widgets): $808,500 Estimated annual variable overhead costs = Estimated annual fixed overhead costs 241 500 $1,050,000 Total estimated annual overhead costs Total estimated annual direct labor hours (DLH) at 100% of normal capacity (70,000 widgets 105,000 Total DLHs Variable factory overhead rate per direct labor hour- Fixed factory overhead rate per direct labor hour Predetermined factory overhead rate per DLH per DLH per DLH per DLH 1. Complete the Standard Cost Report: Wakky Company Standard Cost Report Product manufactured Widgets Unit of Product = One Widget Standard Cost Manufacturing Cost Elements Direct materials Direct labor Factory overhead applied Standard QuantityStanda 3 pounds 1.5 DLHs $5.00 per pound $12.00 per DLH S Variable FOH Fixed FOH 1.5 DLHs 1.5 DLHs o per DL.H 11.s5 23o per DLH 4S Calculated standard cost to manufacture 1 widget 2. Calculate the standard costs allowed for the actual output level of widgets: Standard price @75,000 widgets Total 225,o0o total lbs allowed Direct materials cost Direct labor cost Factory overhead applied 1O PF $12 per DLH 2 500 total DLH allowed 109 000 total DLH allowed ,125, oo ,350, ooo Standard cost allowed for actual output level 3,525,000 Actual Production The actual cost and amounts of input to make the actual output of 75,000 widgets for the year ended December 31, 201X was: Total $4.50 per pound Direct materials: Direct labor: Factory Overhead (FOH) 230,000 111,000 Ibs @ DLH $13.25 per DLH ,410, 50 Total variable FOH costs Total fixed FOH costs Total actual FOH costs for 201X $850,000 $241,500 Actual cost for actual output level $24,Soo 3,597, 25 3. Calculate the total manufacturing cost variance 81 3,517,250-3,525,000($72, 250)