Standard Costing (38 marks) After graduation from the Business Accounting program at Algonquin college, you proudly accepted a well paying position as a cost accountant for 3 Serenade Manufacturing located in London, Ontario. The following is the standard card for the company's only product: 5 5 Manufacturing Costs Direct materials (metres) B Direct labour (DL Hrs) Variable overhead (DL Hrs) 0 Fixed overhead (DL Hrs) 1 Standard cost per unit 2 3 Denominator activity level monthly (DL Hrs) 4 Budgeted Fixed overhead costs monthly 5 Standard Qty or Standard Price or Standard Cost Hrs Rate per Unit 4.0 $ 4.00 $ 16.00 1.5 $ 10.00 15.00 1.5 $ 3.00 4.50 1.5 $ 7.00 10.50 $ 46.00 22,500 $ 157,500 6 For the past month of February 2022, the company proudly manufactured and sold 18,270 units. Variable and fixed manufacturing 7 overhead costs are applied to products on the basis of direct labour hours. All raw materials are direct materials, there are no indirect 8 materials. Additional actual manufacturing results, provided from the Controller, Emily Palmer, include: 9 0 Direct materials purchased (metres) 1 Beginning inventory of direct materials (metres) 2 Ending inventory of direct materials (metres) 3 Direct labour 4 Fixed overhead costs 5 Variable overhead costs 6 7 Metres or Hours $ 70,094 $ 4.20 per metre 22,100 22,000 29.356 EA A A $ 9.75 per hour $ 153,615 $ 90,000