Standard Cost Sheet, Product XV-1 SCHMIDT MACHINERY COMPANY Standard Cost Sheet Product: XV-1 Descriptions Direct materials: Aluminum Quantity Cost Rate Subtotal Total 4 pounds $25 per pound $ 100 PVC 1 pound 40 per pound 40 Direct labor 5 hours 40 per hour 200 Variable factory overhead 5 hours 12 per hour 60 Total variable manufacturing cost $ 400 Fixed factory overhead* 5 hours 24 per hour 120 Standard manufacturing cost per unit 120 $ 520 Standard variable selling and administrative cost per unit *Budgeted fixed factory overhead cost = $120,000. $ 50