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Required information [The following information applies to the questions displayed below.] Antuan Company set the following standard costs for one unit of its product. Direct materials (4.0 Ibs. $5.00 per Ib.) $20.00 Direct labor (1.7 hrs. $11.00 per hr.) Overhead (1.7 hrs.$18.50 per hr.) Total standard cost 18.70 31.45 $70.15 The predetermined overhead rate ($18.50 per direct labor hour) is based on an expected volume of 75% of the factory's capacity of 20,000 units per month. Following are the company's budgeted overhead costs per month at the 75% capacity level. Overhead Budget (75% Capacity) Variable overhead costs Indirect materials Indirect labor Power Repairs and maintenance Total variable overhead costs 15,000 75,000 15,000 30,000 $135,000 Fixed overhead costs Depreciation-Building Depreciation-Machinery Taxes and insurance Supervision Total fixed overhead costs 23,000 70,000 18,000 225,750 336,750 $471,750 Total overhead costs The company incurred the following actual costs when it operated at 75% of capacity in October Direct materials (61,000 Ibs. $5.20 per 1b.) Direct labor (22,000 hrs. $11.20 per hr.) Overhead costs 317,200 246,400 Indirect materials Indirect labor Power Repairs and maintenance Depreciation-Building Depreciation-Machinery Taxes and insurance Supervision 41,300 176,250 17,250 34,500 23,000 94,500 16,200 225,750 628,750 $1,192,350 Total costs 3. Compute the direct materials cost variance, including its price and quantity variances AQ- Actual Quantity SQ = Standard Quantity AP = Actual Price SP Standard Price Actual Cost Standard Cost AQ AP AQ SP $5.00 SQ SP $ 5.00 61,000 $ 5.20 61,000 x 317,200 305,000 $ 12,200 Direct materials price variance Direct materials quantity variance Total direct materials variance $ 12,200 Unfavorable 0 Unfavorable Unfavorable