Self-Study Problem 15-1 Analysis of the Total Overhead Cost Variance Simpson Manufacturing has the following standard cost sheet for one of its products: Direct materials Direct labor Variable factory overhead. Fixed factory overhead Cost per unit Total 5 pounds at $2 per pound 2. hours at $25 per hour 2 hours at $5 per hour $ 10 50 10 2 hours at $20 per hour 40 $110 The company uses a standard cost system and applies factory overhead cost based on direct labor hours and determines the factory overhead rate based on a practical capacity of 400 units of the product. Simpson has the following actual operating results for the year just completed: Units manufactured Direct materials purchased and used Direct labor incurred Variable factory overhead incurred Fixed factory overhead incurred 382 1,910 pounds $21,010 860 hours 23,220 5,504 15,800 Before closing the periodic accounts, the (standard cost) entries in selected accounts follow: Account Finished goods inventory Work-in-process inventory Cost of goods sold Debit (total) Credit (total) $186,000 $145.640 145,640 122,690 122,690 Required: 1. Determine for the period the following items: