Dec 31 20xx

Manufacturing Cost Budget

Direct Materials

Material Costs

Unit Costs

Total unit cost

Plastic\

306000 3.40/lb*1.5= 5.1

Motor

390000

6.50/set

6.5

Wheels/Axels

24000

.40/set

0.4

Total Direct Materials

$720,000.00

12

Direct Labor

Labor Costs

Unit Costs

Cost per Car

Molders

180000

15*0.2

3

Assemblers

324000

18*.3

5.4

Total Direct Labor

$504,000.00

8.4

Manuacturing Overhead

Cost

Cost Per Car

Variable OH

30000*5.50=165000

5.5

Fixed OH

30000*4.82=144600

4.82

Total FOH

$309,600.00

10.32

Total Manufacturing Costs:

$1,533,600.00

$30.72

During January 20XX, Speedway Toys, Inc., manufactured 4,800 toy cars. The costs of materials, labor, and overhead were as follows:

Material Amount

Plastic 7,050 lb at $3.60 per

lb

Motors 4,975 motors at $6.24

per motor

Wheels and axles 4,880 sets

at $.425 per set

Direct Labor

Hours Rate

Molders 930 hr $15.20 per

hour

Assemblers 1510 hr $18.40 per

hour

Overhead Amount

Variable $13,120

Fixed $12,050

You are to prepare the

following for the month of January 20XX. For all variances computed, show

whether they are favorable or unfavorable.

B-1 Complete summary of

materials costs.

B-2 Complete summary of

labor costs.

B-3 Compute the quantity and

price variances for each material.

B-4 Compute the efficiency

and rate variance for each type of labor.

B-5 Compute the total

manufacturing overhead variance. Analyze the total overhead variance, using the

three-variance analysis method.

B-6 Record the following in

general journal form (omit explanations):

a.Charge

the raw materials to production and record the materials

variances.

b.Charge

the labor to production and record the labor variances.

c.Charge

the manufacturing overhead to production and record the overhead variances.

d.Transfer

the completed units to finished goods.

I am having hard time

computing the standard cost for materials and labor. Can someone please help me

figure some of this problem out? If you need more information please let me

know. Thank you!