Prior to making the company's budget for month of January $20$XX$,$ the various managers at Ford Seasoning set the following standards related to the costs of production.

Standard Cost Information

Quantity Cost

Direct Materials $0\mathrm{.}50$ pounds per jar $$6\mathrm{.}00$ per pound

Direct Labor $0\mathrm{.}10$ hours per jar $20\mathrm{.}00$ per hour

VOH $0\mathrm{.}10$ hours per jar $15\mathrm{.}00$ per hour

FOH $0\mathrm{.}10$ hours per jar $16\mathrm{.}67$ per hour

Actual Cost Information

Item Amount

Actual Pounds of Direct Materials Used $7,500$

Actual Cost of Direct Materials $$44,400$

Actual Amount of Direct Labor Hours Used $1,620$

Actual Cost of Direct Labor $$34,020$

Actual Variable Manufacturing Overhead $22,110$

Actual Fixed Manufacturing Costs $24,800$

Requirement One

Determine the actual direct materials cost per pound and the actual direct labor cost per hour.

Direct Materials

Actual Cost of Direct Materials

Divide by: Actual Pounds of Direct Mats Used

Actual Direct Materials Cost per Pound

Direct Labor

Actual Cost of Direct Labor

Divide by: Actual Amount of Direct Labor Hours

Actual Direct Labor Cost per Hour

Requirement Two

Calculate the following variances between Ford Seasoning's budgeted figures and the company's actual results.

Direct Materials Cost Variance Actual Cost per Pound of DM Standard Cost per Pound of DM Actual Pounds of DM Used

Direct Materials Effeciency Variance Actual Pounds of DM Used Standard Quantity of DM Used Standard Cost per Pound of DM

Direct Labor Cost Variance Actual Cost per DL Hour Standard Cost per DL Hour Actual Amount of DL Hours Used

Direct Labor Efficiency Variance Actual Amount of DL Hours Used Standard Quantity of DL Hours Used Standard Cost per DL Hour

VOH Cost Variance Actual VOH Cost Per DL Hour Standard VOH Cost per DL Hour Actual Amount of DL Hours Used

VOH Efficiency Variance Actual Amount of DL Hours Used Standard Quantity of DL Hours Used Standard VOH Cost per DL Hour

Fixed Cost Variance Actual Fixed Costs Budgeted Fixed Costs

Fixed Cost Volume Variance Budgeted Fixed Costs Allocated Fixed Costs