Required information Problem 8-3A 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. $ 30 Direct materials (6 Ibs. $5 per Ib.) Direct labor (2 hrs. @ $17 per hr.) Overhead (2 hrs. e $18.50 per hr.) Total standard cost 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 $ 45,000 Indirect labor 180,000 Power 45,000 Repairs and maintenance 90,000 Total variable overhead costs Pixed overhead costs Depreciation Building 24,000 Depreciation-Machinery 80,000 Taxes and insurance 12,000 Supervision 79,000 Total fixed overhead costs Total overhead costs $360,000 195,000 $555,000 The company incurred the following actual costs when it operated at 75% of capacity in October Direct materials (91,000 lbs. 1b. ) $5.10 per $ 464,100