Standard Cost and Flexible Budget.
Hals Heating produces furnaces for commercial buildings.
The companys master budget shows the following standards information.
Hals Heating produced 320 furnaces during January.

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Expected production for January Direct materials Direct labor 300 furnaces 35 hours per furnace at $18 per hour 35 direct labor hours per furnace at $15 xr ur Variable manufacturing overhead Calculate: Standard cost per unit for direct Flexible budget amount for direct Standard cost per unit for direct Flexible budget amount for direct Standard cost per unit for variable Flexible budget amount for 120 38,400 630 201,600 525 168,000 During January, Hal's Heating purchased 1,000 heating elements for $38,000 and used 980 heating elements. A total of 10,000 direct labor hours were worked during January, at a cost of $190,000. Variable overhead costs totaled $190,000 for the month of January. The company applies fixed manufacturing overhead costs to products based on direct labor hours. Budgeted Fixed O 231,000 10,500 Std cost per DLH Actual fixed overhead costs 217,000 Calculate: Calculate the materials price variance and materials quantity variance Calculate the labor rate variance and labor efficiency variance Calculate the variable overhead spending variance and variable overhead efficiency variance Calculate the fixed overhead spending variance and production volume variance Prepare Journal Entiries to record: The purchase of raw materials for the month To record the usage of raw materials in production for the month (the flexible budget shows the company Direct labor costs for the month (The flexible budget shows the company expected to use 11,200 direct labor STD Actual Element per unit DM 3.00 38.00 $ per element 1,000 # Purchased 980 # Used $ per Unit Hr per unit 4 120.00 DL 35.00 19.00 Sper Hr 6 Hr worked $ per Unit Hr per unit $ per Hr 630.00 VOH 35.00 0 10,000 Hr worked Cost OH 525.00 $ per Unit Units Prod Units Sold FOH 4 5 Budget cost Budget DLH Per hour 231,000 10,500 22.00 320 Actual Prod 9 217,000 Actual Cost $per Unit 21,600.00 Favorable Variable Overhead Spending Variance Actual OH [AHxAR] Actual HoursxStandard Rate) 190,000.00 x 190,000.00 x 10,000.00 150,000.00 15.00 Unfavorable 40,000.00 Variable Overhead Efficiency Variance Standard Rate Actual Hours Standard Hours 15.00 x 10,000.00 1,200.00 1,200.00 15.00 X Favorable 18,000.00 Fixed Overhead Spending Variance Actual OH Budgeted OH 217,000- (14,000) 231,000 Favorable Fixed Overhead Efficiency Variance Applied OH at Standard Rate Budgeted OH 231,000.00 Entry to record PURCHASE of direct materials: Entry to charge direct labor to production