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Hi can someone help with this practice test please. Given: Antuan Company set the following standard costs for one unit of its product. Direct materials

Hi can someone help with this practice test please.

Given:

Antuan Company set the following standard costs for one unit of its product.

Direct materials (4.0 Ibs. @ $4.00 per Ib.) $ 16.00
Direct labor (1.7 hrs. @ $12.00 per hr.) 20.40
Overhead (1.7 hrs. @ $18.50 per hr.) 31.45
Total standard cost $ 67.85

The predetermined overhead rate ($18.50 per direct labor hour) is based on an expected volume of 75% of the factorys capacity of 20,000 units per month. Following are the companys budgeted overhead costs per month at the 75% capacity level.

Overhead Budget (75% Capacity)
Variable overhead costs
Indirect materials $ 15,000
Indirect labor 75,000
Power

15,000

Repairs and maintenance 30,000
Total variable overhead costs $ 135,000
Fixed overhead costs
DepreciationBuilding 24,000
DepreciationMachinery 70,000
Taxes and insurance 17,000
Supervision 225,750
Total fixed overhead costs 336,750
Total overhead costs $ 471,750

The company incurred the following actual costs when it operated at 75% of capacity in October.

Direct materials (61,500 Ibs. @ $4.20 per lb.) $ 258,300
Direct labor (20,000 hrs. @ $12.10 per hr.) 242,000
Overhead costs
Indirect materials $ 41,250
Indirect labor 176,950
Power 17,250
Repairs and maintenance 34,500
DepreciationBuilding 24,000
DepreciationMachinery 94,500
Taxes and insurance 15,300
Supervision 225,750 629,500
Total costs $ 1,129,800

-----

FIND: Compute the direct materials cost variance, including its price and quantity variances. (Indicate the effect of each variance by selecting for favorable, unfavorable, and No variance.) (not sure if what I already have in here is correct)

Actual Cost 0 0 Standard Cost
Actual quantity x Standard price Actual quantity x Standard price Actual quantity Standard price
x 0 x
$0 0 $0
$0
0

FIND: Compute the direct labor cost variance, including its rate and efficiency variances. (Indicate the effect of each variance by selecting for favorable, unfavorable, and No variance. Round "Rate per hour" answers to two decimal places.)

(not sure if what I already have in here is correct)

Actual Cost 0 0 Standard Cost
Actual quantity x Standard price Actual quantity x Standard price Actual quantity Standard price
x 0 x
$0 0 $0
$0
0

FIND: Prepare a detailed overhead variance report that shows the variances for individual items of overhead. (Indicate the effect of each variance by selecting for favorable, unfavorable, and No variance.)

ANTUAN COMPANY
Overhead Variance Report
For Month Ended October 31
Expected production volume
Production level achieved
Volume variance
Flexible Budget Actual Results Variances Fav. / Unfav.
Variable costs
Fixed costs
Total overhead costs

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