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Part B Solve problems 1-5 based on the following scenario. Conglomco Company has asked you to develop a flexible overhead budget, based on the data below. Standard Costs for Product per Unit Direct materials (6 pounds, at $5 per pound) Direct labor (2 hours, at $17 per hour) Overhead (2 hours, at $13.875 per hour) Total standard cost $ $ $ $ 30.00 34.00 27.75 91.75 The predetermined overhead rate ($13.875 per direct labor hour) is based on an expected volume of 75% of th 20,000 units per month. Budgeted Overhead Costs per Month (at 75% capacity) Variable Costs Amount ($) Indirect materials 33,750 Indirect labor 135,000 Power 33,750 Repairs and maintenance 67,500 Total variable overhead costs 270,000 Fixed Overhead Costs DepreciationBuilding DepreciationMachinery Taxes and insurance Supervision Total fixed overhead costs Total overhead costs 18,000 60,000 9,000 59,250 146,250 416,250 The company incurred the following actual costs when it operated at 75% of capacity in September. Expenses Direct materials (91,000 pounds, at $5.10 per pound) Direct labor (30,500 hours, at $17.25 per hour) Overhead costs Indirect materials Indirect labor Power Repairs and maintenance DepreciationBuilding DepreciationMachinery Taxes and insurance Supervision Amount ($) 464,100 526,125 33,187 133,312 32,250 72,000 18,000 56,250 8,625 67,750 Total overhead costs Total costs 421,374 1,411,599 Complete the problems below. Add your answers in this template and show your work. Problem 1. Examine the monthly overhead budget to: Determine the costs per unit for each variable overhead item and each item's total per-unit costs. Identify the total fixed costs per month. Problem 2. Prepare flexible overhead budgets for September, showing the amounts of each variable and fixed 65%, 75%, and 85% capacity levels. Problem 3. Include the price and quantity variances to compute the direct materials cost variance. Problem 4. Include the rate and efficiency variances to compute the direct labor cost variance. Problem 5. Prepare the overhead variance report, showing the overhead variances for individual items. Input values Company name Month he data below. ted volume of 75% of the factory's capacity of Price per pound Direct material per unit (pounds) Rate per direct labor hour Direct labor hours per unit Overhead rate per hour Total materials for actual production (pounds) Total labor hours for actual production Budgeted Overhead Costs per M Variable Costs Indirect materials Indirect labor Power Repairs and maintenance Total variable overhead costs Fixed Overhead Costs DepreciationBuilding DepreciationMachinery Taxes and insurance Supervision Total fixed overhead costs Total overhead costs September. Expenses Direct materials (91,000 pounds, at $5.10 per Direct labor (30,500 hours, at $17.25 per hour Overhead costs Total costs m's total per-unit costs. f each variable and fixed cost at the st variance. individual items. Full capacity Capacity on which overheads are based Levels Number of units Conglomco Company September rial per unit (pounds) ect labor hour hours per unit ate per hour als for actual production (pounds) hours for actual production Standard $5.00 6 $17.00 2 $ 13.875 90,000 30,000 Actual $5.10 $17.25 91,000 30,500 Budgeted Overhead Costs per Month (at 75% capacity) Variable Costs Amount ($) 33,750 135,000 33,750 d maintenance 67,500 le overhead costs 270,000 Fixed Overhead Costs nBuilding nMachinery overhead costs Expenses rials (91,000 pounds, at $5.10 per pound) (30,500 hours, at $17.25 per hour) Indirect materials Indirect labor Power Repairs and maintenance DepreciationBuilding DepreciationMachinery Taxes and insurance Supervision Amount ($) 18,000 60,000 9,000 59,250 146,250 416,250 Amount ($) 464,100 526,125 33,187 133,312 32,250 72,000 18,000 56,250 8,625 67,750 13.8750 Total overhead costs 421,374 1,411,599 which overheads are based 65% 13,000 75% 15,000 20,000 units per month 75% of full capacity 85% 17,000 30000 416100
