Required information [The following information applies to the questions displayed below.) Antuan Company set the following standard costs for one unit of its product. Direct materials (4.0 Ibs. @ $16.00 $4.00 per Ib.) Direct labor (1.7 hrs. @ $12.00 20.40 per hr.) Overhead (1.7 hrs. @ $18.50 per 31.45 hr.) Total standard cost $67.85 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 30,000 maintenance Total variable $135,000 overhead costs Fixed overhead costs Depreciation- 25,000 Building Depreciation- 71,000 Machinery Taxes and insurance 18,000 Supervision 222,750 Total fixed overhead 336,750 costs Total overhead costs $471,750 The company incurred the following actual costs when it operated at 75% of capacity in October. $ 256,200 256,200 Direct materials (61,000 Ibs. @ $4.20 per lb.) Direct labor (21,000 hrs. @ $12.20 per hr.) Overhead costs Indirect materials Indirect labor Power Repairs and maintenance Depreciation-Building Depreciation-Machinery Taxes and insurance Supervision Total costs $ 41,250 176, 150 17,250 34,500 25,000 95,850 16, 200 222,750 628,950 $1,141,350 3. Compute the direct materials cost variance, including its price and quantity variances. (Indicate the effect of each variance by selecting for favorable, unfavorable, and No variance.) Actual Cost Standard Cost 4. Compute the direct labor cost variance, including its rate and efficiency variances. (Indicate the effect of each variance by selecting for favorable, unfavorable, and No variance. Round "Rate per hour" answers to two decimal places.) Actual Cost Standard Cost $ 0 $ 0 $ 0 0 5. Prepare a detailed overhead variance report that shows the variances for individual items of overhead. (Indicate the effect of each variance by selecting for favorable, unfavorable, and No variance.) ANTUAN COMPANY Overhead Variance Report For Month Ended October 31 Expected production volume Production level achieved Volume variance Flexible Actual Variances Budget Results Variable costs Fav. / Unfav. Fixed costs Total overhead costs