Problem 11-10 The Oak Company araduces rubber seals used in the aerospace industry. Standards call for 3 pounds of material at $2.48 per paund for each scal. The standard cost for laboris 1.5 hours at si5.00 per hour. Standard overhead is $10.00 per unit. Far the year 2018, expected production is 126,600 seals with fixed overhead of $126,600 and variable overhead of $9.00 per seal. During 2018, a total of 125,00D seas were produced. The company purchased 455,000 pounds of material for $1,145,600. Production required 395,100 pounds of material. The cost of direct labor incurred was $2,900,000 with an actual average wage rate of $15.25 per hour Actual overhead for the year was $691.000. Determine the standard cost per seal. (Round answer to 2 decinal places, e.g. 15.25.) Standard cost per seals LINK TO TEXT LINK TO TEXT LINK TO TEXT Calculate the material, labar, and overhead variances. (Round intermediate calculations to 2 decimal places, e.g. 14.37 and final answers to decimal places, e.g. 125. Enter all variances as a positive number.) Material Price Variance Material Quantity Variance Labor Rate Variance Labor Efficiency Variance Contrallable Overhead Verience Overhead Volume Variance LINK TO TEXT LINK TO TEXT LINK TO TEXT Prepare a variance summary. (Enter unfavorable variances using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Material Price Varlance Material Quantity Variance Labor Rate Variance Lahor Efficiency Variance Contrallable Overhead Variance Overhead Volume Variance Total Problem 11-10 The Oak Company araduces rubber seals used in the aerospace industry. Standards call for 3 pounds of material at $2.48 per paund for each scal. The standard cost for laboris 1.5 hours at si5.00 per hour. Standard overhead is $10.00 per unit. Far the year 2018, expected production is 126,600 seals with fixed overhead of $126,600 and variable overhead of $9.00 per seal. During 2018, a total of 125,00D seas were produced. The company purchased 455,000 pounds of material for $1,145,600. Production required 395,100 pounds of material. The cost of direct labor incurred was $2,900,000 with an actual average wage rate of $15.25 per hour Actual overhead for the year was $691.000. Determine the standard cost per seal. (Round answer to 2 decinal places, e.g. 15.25.) Standard cost per seals LINK TO TEXT LINK TO TEXT LINK TO TEXT Calculate the material, labar, and overhead variances. (Round intermediate calculations to 2 decimal places, e.g. 14.37 and final answers to decimal places, e.g. 125. Enter all variances as a positive number.) Material Price Variance Material Quantity Variance Labor Rate Variance Labor Efficiency Variance Contrallable Overhead Verience Overhead Volume Variance LINK TO TEXT LINK TO TEXT LINK TO TEXT Prepare a variance summary. (Enter unfavorable variances using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Material Price Varlance Material Quantity Variance Labor Rate Variance Lahor Efficiency Variance Contrallable Overhead Variance Overhead Volume Variance Total