Required information (The following information applies to the questions displayed below.) Antuan Company set the following standard costs for one unit of its product. $20.00 20.90 Direct materials (4.0 Ibs. @ $5.00 per Ib.) Direct labor (1.9 hrs. @ $11.00 per hr.) Overhead (1.9 hrs. @ $18.50 per hr.) Total standard cost 35.15 $76.05 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 Total variable overhead costs Fixed overhead costs Depreciation-Building 25,000 Depreciation-Machinery 71,000 Taxes and insurance 17,000 Supervision 279, 250 Total fixed overhead costs Total overhead costs $135,000 392,250 $527,250 The company incurred the following actual costs when it operated at 75% of capacity in October. $ 317,200 235, 200 Direct materials (61,000 Ibs. @ $5.20 per lb.) Direct labor (21,000 hrs. @ $11.20 per hr.) Overhead costs Indirect materials Indirect labor Power Repairs and maintenance Depreciation-Building Depreciation Machinery Taxes and insurance Supervision Total costs $ 41,450 176. 150 17,250 34,500 25,000 95,850 15,300 279, 250 684,750 $1,237,150 . Compute the direct materials cost variance, including its price and quantity variances. AQ = Actual Quantity SQ = Standard Quantity P = Actual Price P = Standard Price Actual Cost Standard Cost 0 $ 0 $ 0 $ 0 0 4. Compute the direct labor cost variance, including its rate and efficiency variances. AH = Actual Hours SH = Standard Hours AR = Actual Rate SR = Standard Rate Actual Cost Standard Cost $ O O 0 5. Prepare a detailed overhead variance report that shows the variances for individual items of overhead. ANTUAN COMPANY Overhead Variance Report For Month Ended October 31 Expected production volume Production level achieved Volume variance Flexible Budget Actual Results Variances Fav. / Unfav. Variable costs Fixed costs Total overhead costs