Company uses a standard cost system and sets predetermined overhead rates on the basis of direct labor-hours. The following data are taken from the companys budget for the current year:

Denominator activity (direct labor-hours)	12,000
Variable manufacturing overhead cost	$ 37,200
Fixed manufacturing overhead cost	$ 103,200

The standard cost card for the companys only product is given below:

Direct materials, 4 yards at $1.90 per yard	$ 7.60
Direct labor, 2 hour at $9.00 per hour	18.00
Manufacturing overhead, 130% of direct labor cost	23.40
Standard cost per unit	$ 49.00

During the year, the company produced 6,240 units of product and incurred the following costs:

Materials purchased, 39,600 yards at $1.85 per yard	$	73,260
Materials used in production (in yards)		25,750
Direct labor cost incurred, 13,000 hours at $8.00 per hour	$	104,000
Variable manufacturing overhead cost incurred	$	38,250
Fixed manufacturing overhead cost incurred	$	80,600

Required:

1.

Redo the standard cost card in a clearer, more usable format by detailing the variable and fixed overhead cost elements. (Round your answers to 2 decimal places.)

Direct material		yard at		per yard
Direct labor		DLHs		DLHs
Variable Mfg. overhead		DLHs		DLHs
Fixed Mfg. overhead		DLHs		DLHs
Standard cost per unit					$__________

2.	Prepare an analysis of the variances for direct materials and direct labor for the year. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance.).)

Materials variances:
Price variance		U or F
Variable Mfg. overhead		U or F
Labor variances:
Rate variance		U or F
Efficiency varriance		U or F

3.	Prepare an analysis of the variances for variable and fixed overhead for the year. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance.).)

Variable overhead variances:
Rate variance		U or F
Efficiency varriance		U or F
Fixed overhead variances:
Budget variance		U or F
Volume varriance		U or F

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