Problem 21-3A Flexible budget preparation; computation of materials, labor, and overhead variances; and overhead variance report LO P1, P2, P3, C2 The following information applies to the questions displayed below] Antuan Company set the following standard costs for one unit of its product. Direct materials (3.0 lbs. $4.00 per lb.) Direct labor (1.9 hrs. $12.00 per hr.) Overhead (1.9 hrs. $18.50 per hr.) $ 12.00 22.80 35.15 Total standard cost $69.95 The predetermined overhead rate ($18.50 per direct labor hour) is based on an expected volume of 75% of the factory's capacity of 20,000 units per month. Following are the company's 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 $ 135,000 Total variable overhead costs Fixed overhead costs Depreciation-building Depreciation-machinery Taxes and insurance Supervision 23,000 71,000 18,000 280,250 Total fixed overhead costs 392,250 Total overhead costs $527,250 The company incurred the following actual costs when it operated at 75% of capacity in October. $ 193,200 268,400 Direct materials (46,000 lbs. $4.20 per Ib.) Direct labor (22,000 hrs. @ $12.20 per hr.) Overhead costs Indirect materials Indirect labor Power Repairs and maintenance Depreciation-building Depreciation-machinery Taxes and insurance Supervision $ 41,900 176,200 17,250 34,500 23,000 95,850 16,200 280,250 685,150 Total costs $ 1,146,750 Problem 21-3A Part 3 3. Compute the direct materials cost variance, including its price and quantity variances. Actual Cost Standard Cost $ 0 $ 0 $ 01 0 Problem 21-3A Part 4 4. Compute the direct labor cost variance, including its rate and efficiency variances. Actual Cost Standard Cost $ 0 $ 0. 01