Gibson Company manufactures molded candles that are finished by hand. The company developed the following standards for a new line of drip candles. Amount of direct materials per candle Price of direct materials per pound Quantity of labor per unit Price of direct labor per hour Total budgeted fixed overhead 2.00 pounds $ 0.70 0.60 hours $ 7.40/hour $150,000 During Year 2, Gibson planned to produce 25,000 drip candles. Production lagged behind expectations, and it actually produced only 20,000 drip candles. At year-end, direct materials purchased and used amounted to 41,600 pounds at a unit price of $0.64 per pound. Direct labor costs were actually $6.80 per hour and 14,100 actual hours were worked to produce the drip candles. Overhead for the year actually amounted to $124,000. Overhead is applied to products using a predetermined overhead rate based on estimated units. Required a.&b. Compute the standard cost per candle for direct materials, direct labor, overhead and also the total standard cost for one drip c.&d. Compute the actual cost per candle for direct materials, direct labor, overhead and also the total actual cost per candle. e. Compute the price and usage variances for direct materials and direct labor. f. Compute the fixed cost spending and volume variances. candle. Complete this question by entering your answers in the tabs below. Req A and B ReqC and D Rege Reg F Compute the standard cost per candle for direct materials, direct labor, overhead and also the total standard cost for one drip candie. (Round your answers to 2 decimal places.) Standard Cost cost per unit Direct material Direct labor Overhead Total per candle m 126 7 Gibson Company manufactures molded candies that are finished by hand. The company developed the following standards for a new line of drip candles 2.0 pounds Ascunt of direct sterials per candle Price or direct materials per pound Quantity of Labor per unit Price of direct labor per hour Total budgeted fixed overhead 9.50 hours 7.40/hour $250,080 During Year 2. Gibson planned to produce 25,000 drip candles. Production lagged behind expectations, and it actually produced only 20,000 drip candies. At year-end, direct materials purchased and used amounted to 41.600 pounds at a unit price of $0.64 per pound. Direct labor costs were actually $6.80 per hour and 14,100 actual hours were worked to produce the drip candies Overhead for the year actually amounted to $124.000, Overhead is applied to products using a predetermined overhead rate based on estimated units. Required a.&b. Compute the standard cost per candle for direct materials, direct labor overhead and also the total standard cost for one drip candle c.&d. Compute the actual cost per candie for direct materials, direct labor, overhead and also the total actual cost per candles e. Compute the price and usage variances for direct materials and direct tabor f. Compute the fixed cost spending and volume variances Complete this question by entering your answers in the tabs below. Reg A and 5 ReqC and D Reg Red Compute the actual cost per candle for direct materials, direct labor, overhead and also the total actual cost per candie (o not round Intermediate calculations. Round your answer des mal slucent Cout Actuad buat Per unit Orect material Direct labor Overhead Total candie no Prev 1230 Next > 17 y Price of direct labor per hour Total budgeted fixed overhead 3. UD OUT) $ 7.40/hour $150,000 During Year 2. Gibson planned to produce 25,000 drip candles Production lagged behind expectations, and it actually produced only 20,000 drip candles. At year-end, direct materials purchased and used amounted to 41,600 pounds at a unit price of $0.64 per pound. Direct labor costs were actually 56.80 per hour and 14,100 actual hours were worked to produce the drip candles. Overhead for the year actually amounted to $124,000. Overhead is applied to products using a predetermined overhead rate based on estimated units. Required a.&b. Compute the standard cost per candle for direct materials, direct labor overhead and also the total standard cost for one drip candle. c.&d. Compute the actual cost per candle for direct materials, direct labor, overhead and also the total actual cost per candle. e. Compute the price and usage variances for direct materials and direct labor. f. Compute the fixed cost spending and volume variances. Complete this question by entering your answers in the tabs below. Red A and B Req Cand D Reg E Req Compute the price and usage variances for direct materials and direct labor. (Indicate the effect of each variance by selecting "P" for favorable, "U" for unfavorable, and "None for no effect (e., zero variance).) Variance Cost Direct materials: Price variance Usage variance Direct labor Price variance Usage variance term 20 17 Gibson Company manufactures molded candies that are finished by hand. The company developed the following standards for a new line of dria candles Anount of direct materials per candle Price of direct materials per pound Quantity of labor per unit Price of direct labor per hour Total budgeted fixed overhead 2.3 pounds 8.70 0.60 hours 7.40/hour $150,000 During Year 2. Gibson planned to produce 25,000 drip candles. Production lagged behind expectations, and it actually produced only 20,000 drip candles. At year-end, direct materials purchased and used amounted to 41,600 pounds at a unit price of $0 64 per pound. Direct labor costs were actually $6.80 per hour and 14100 actual hours were worked to produce the drio candies. Overhead for the year actually amounted to $124.000 Overhead is applied to products using a predetermined overhead rate based on estimated units. Required a.&b. Compute the standard cost per candle for direct materials, direct lobor, overhead and also the total standard cost for one drip candie c.&d. Compute the actual cost per candle for direct materials, direct labor, overhead and also the total actual cost per candle, e. Compute the price and usage variances for direct materials and direct labor Compute the fixed cost spending and volum variances Complete this question by entering your answers in the tabs below. Reg A and Reg C and D Reg Red Compute the fixed cost spending and volume variances. (Indicate the effect of each variance by selecting for favorable, U for unfavorable, and "None" for no effect (le zero variance.) Ford MOH Cast Variance Spending variance Volume variance (RE W Prey 17 of 30 Next >