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There is only one problem this week on manufacturing variance. Apollo Sports manufacturers fabric tents. The poles are purchased from a vendor, so the only part manufactured is the act The company uses a standard cost system based on manufacturing 5,000 tents per month. Overhead is applied on a per-u 4,840 tents were produced. Management has a policy that all variances greater than 3% from standard should be investiga actual costs are listed below: Direct material Direct labor Overhead applied Standard 18 yards at $3.20 per yard 6.5 hours at $16.00 per hour $12.00 per tent Direct material Direct labor Actual overhead Actual 86,550 yards at $3.25 per yard 32,100 hours at $15.80 per hour $56,750 INSTRUCTIONS: 1. Compute the total, price, and quantity variances for both materials and labor. State if each variance is favorable or unfavorable. 2. Compute the total, volume, and budget overhead variances. State if favorable or unfavorable. 3. Prepare journal entries for the application of overhead, the actual overhead, and to record variances and close the overhead account. Note that on the actual overhead you will not have individual expense account amount, so just list "various" for the expense accounts. 4. Always label all of your work. SOLUTION: First, compute total standard quantity at actual production of 4,840 tents. Direct material 87,120 Direct labor 31,460 Overhead applied 58,080 Total materials variance: (actual qty actual price) (standard qty standard price) 281,288 278,784 Materials price variance: (actual qty actual price) (actual qty std price) 281,288 276,960 Materials quantity variance: (actual quantity std price) (standard qty std price) 276,960 278,784 Total labor variance: (actual hours actual rate) (standard hours standard rate) 507,180 503,360 Labor rate variance: (actual hours actual rate) (actual hours std rate) 507,180 513,600 Labor quantity variance: (actual hours std rate) (standard hours std rate) 513,600 503,360 Total overhead variance: (actual overhead) (actual quantity standard rate) 56,750 58,080 Overhead volume variance: (actual production qty std rate) (standard production qty std rate) 58,080 60,000 Overhead budget variance (total variance quantity variance) Journal entries: Application of overhead Debit Work in process Manufacturing overhead Recording actual overhead Manufacturing overhead Various expense accounts Recording variance and closing overhead account Manufacturing overhead Overhead budget variance Overhead Credit y part manufactured is the actual fabric tent. Overhead is applied on a per-unit basis. In May, m standard should be investigated. Standard and