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Antuan Company set the following standard costs for one unit of its product Problem 23-3A Flexible budget preparation, computation of materials, labor, and overhead variances, and overhead variance report P1 P2 P3 P4 $ 30 34 37 $101 Direct materials (6 lbs. $5 per it) Direct labor (2 hrs. $17 per hr). Overhead (2 hrs $18.50 per ht). Total standard cost The predetermined overhead rate ($18.50 per direct labor hour) is based on an expected volume of 75% of the factory's capacity of 20,000 units per month. Following are the company's budgeted overhead costs per month at the 75% capacity level. Overhead Budget (75% Capacity) $ 45,000 180,000 45.000 90.000 $360,000 Variable overhead costs Indirect materials Indirect labor Power Repairs and maintenance Total variable overhead costs Fixed overhead costs Depreciation--Building Depreciation-Machinery Taxes and insurance.. Supervision Total fixed overhead costs Total overhead costs 24,000 80.000 12.000 79,000 195.000 $555.000 The company incurred the following actual costs when it operated at 75% of capacity in October $ 464.100 526,125 Direct materiais 191,000 lbs. $5.10 per lb) Direct labor (30.500 hrs. a $17.25 per he) Overhead costs Indirect materials Indirect labor Power Repairs and maintenance Depreciation-Building Depreciation Machinery Taxes and insurance... Supervision Total costs $ 44.250 177.750 43.000 96,000 24.000 75.000 11,500 89,000 560.500 $1,550.725 geted total 1.000 units Required 1. Examine the monthly overhead budget to (a) determine the costs per unit for each variable overhead item and its total per unit costs and (b) identify the total fixed costs per month. 2. Prepare flexible overhead budgets (as in Exhibit 23.12) for October showing the amounts of each vari- able and fixed cost at the 65%, 75%, and 85% capacity levels. 3. Compute the direct materials cost variance, including its price and quantity variances. 4. Compute the direct labor cost variance, including its rate and efficiency variances. 5. Prepare a detailed overhead variance report (as in Exhibit 23.16) that shows the variances for indi- vidual items of overhead. rances Price nity 55.000 ce Rete cncySa 5000