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Please help with ALL fields. Number, figures, as well as the drop-down boxes. Thank you! Required information Use the following information for the Problems below
Please help with ALL fields. Number, figures, as well as the drop-down boxes. Thank you!
Required information Use the following information for the Problems below The following information applies to the questions displayed below.] Trico Company set the following standard unit costs for its single product. Direct materials (30 Ibs. $4.00 per Ib.) Direct labor (7 hrs. @ $14 per hr.) Factory overhead-variable (7 hrs. $7 per hr.) Factory overhead-fixed (7 hrs. $11 per hr.) Total standard cost 120.00 98.00 49.00 77.00 344.00 The predetermined overhead rate is based on a planned operating volume of 80% of the productive capacity of 63,000 units per quarter. The following flexible budget information is available Operating Levels 70% 44,100 308,700 80% 50,400 352,800 90% Production in units Standard direct labor hours Budgeted overhead 56,700 396,900 Fixed factory overhead Variable factory overhead $3,880,800 $3,880,800 $3,880,800 $2,160,900 $2,469,600 $2,778,300 During the current quarter, the company operated at 90% of capacity and produced 56,700 units of product, actual direct labor totaled 393,900 hours. Units produced were assigned the following standard costs. Direct materials (1,701,000 Ibs. $4.00 per Ib.) Direct labor (396,900 hrs. $14 per hr.) Factory overhead (396,900 hrs.@ $18 per hr.) Total standard cost S 6,804,000 5,556,600 7,144,200 $19,504,800 Actual costs incurred during the current quarter follow. Direct materials (1,686,000 Ibs. $5.10 per lb.) Direct labor (393,900 hrs. $12.00 per hr.) Fixed factory overhead costs Variable factory overhead cost.s Total actual costs $ 8,598,600 4,726,800 3,380,000 3,164, 200 $19,869,600 Problem 21-4A Computation of materials, labor, and overhead variances LO P2, P3Step by Step Solution
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