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One System assembles PCs and uses flexible budgeting and a standard cost system. One System allocates overhead based on the number of direct materials parts. The company's performance report includes the following selected data: A Data Table Static Budget (20,000 PCs) 7,700,000 Actual Results (22,000 PCs) 8,910,000 2,100,000 2,250,550 568,000 Sales (20,000 PCs x $385 (22,000 PCs $405 Variable manufacturing expenses: Direct materials (200,000 parts $10.50 ) (218,500 parts x $10.30 ) Direct labour (40,000 hrs. $14.20 ) (42,500 hrs. * $14.80 ) Variable overhead (200,000 parts * $ 3.90) (218,500 parts * $ 4.00 ) Fixed manufacturing expenses: Fixed overhead Total cost of goods sold Gross profit 629,000 780,000 874,000 900,000 4,348,000 930,000 4,683,550 4,226,450 3,352,000 Requirement 1. Determine the company's standard cost for one unit. First, select the formula, then compute the standard cost per unit. (Round your answer to the nearest cent.) Standard total manufacturing costs Standard units sold = Standard cost per unit 4,348,000 1 20,000 = $ 217.40 Requirement 2. Prepare a flexible budget based on the actual number of PCs sold. One System Flexible Budget for Actual Outputs Sales revenue $ 8,470,000 Variable manufacturing expenses: Direct materials 2,310,000 Direct labour 624,800 Variable overhead 858,000 Fixed expenses: Fixed overhead 900.000 4,692,800 Total cost of goods sold Gross profit $ 3,777,200 Requirement 3. Compute the price variance for direct materials and for direct labour. Begin by determining the formula for the price variance, then compute the price variances for direct materials (DM) and direct labour (DL). (Enterth ( Actual price per input unit - Standard price per input unit) Actual quantity of input = Price variance DM ($ 10.30 10.50 218,500 = $ 43,700 F DL ($ 14 80 14.20 42,500 - $ 25,500 Requirement 4. Compute the efficiency variances for direct materials and direct labour. Begin by determining the formula for the efficiency variance, then compute the efficiency variances for direct materials (DM) and direct labour (DL). (E unfavourable (U).) ( Actual quantity of input - Standard quantity of input ) Standard price per input unit - Elficiency variance DM C 218,500 220,000 10.50 = $ 15,750 F 42,500 44,000 14.20 $ 21,300 F DL Requirement 5. For manufacturing overhead, compute the total variance, the flexible budget variance, and the production volume variance. (Ente (U).) One System Manufacturing Overhead Variances Total overhead variance: Actual overhead cost Standard overhead allocated to production Total overhead variance Overhead flexible budget variance: Actual overhead cost Flexible budget overhead for actual outputs Overhead flexible budget variance Production volume variance: Flexible budget overhead for actual outputs Standard overhead allocated to production Production volume variance