Exercise 24.2 (Algo) Relationships among Standard Costs, Actual Costs, and Cost Variances (LO24-3, LO24-4)

Blue Dingo uses a standard costing system. The company's standard costs and variances for direct materials, direct labor, and factory overhead for the month of May are as follows.

					Variances
	Standard Cost				Unfavorable				Favorable
Direct materials	$	83,000
Price variance					$	4,500
Quantity variance									$	3,000
Direct labor		190,000
Rate variance										2,700
Efficiency variance						6,200
Manufacturing overhead		255,000
Spending variance										3,900
Volume variance						5,000

Determine the actual costs incurred during the month of May for direct materials, direct labor, and manufacturing overhead.

Actual Costs Incurred

Direct materials

Direct labor

Manufacturing overhead