The Clinton Company produces rubber seals used in the aerospace industry. Standards call for 3 pounds of material at $2.46 per pound for each seal. The standard cost for labor is 1.5 hours at $15.00 per hour. Standard overhead is $10.00 per unit. For the year 2018, expected production is 135,700 seals with fixed overhead of $135,700 and variable overhead of $9.00 per seal. During 2018, a total of 125,000 seals were produced. The company purchased 455,000 pounds of material for $1,142,050. Production required 393,400 pounds of material. The cost of direct labor incurred was $2,900,000 with an actual average wage rate of $15.25 per hour. Actual overhead for the year was $949,000.

Problem 11-10 The Clinton Company produces rubber seals used in the aerospace industry. Standards call for 3 pounds of material at $2.46 per pound for each seal. The standard cost for labor is 1.5 hours at $15.00 per hour. Standard overhead is $10.00 per unit. For the year 2018, expected production is 135,700 seals with fixed overhead of $135,700 and variable overhead of $9.00 per seal. During 2018, a total of 125,000 seals were produced. The company purchased 455,000 pounds of material for $1,142,050. Production required 393,400 pounds of material. The cost of direct labor incurred was $2,900,000 with an actual average wage rate of $15.25 per hour. Actual overhead for the year was $949,000. Determine the standard cost per seal. (Round answer to 2 decimal places, e.g. 15.25.) Standard cost per seals LINK TO TEXT LINK TO TEXT LINK TO TEXT Calculate the material, labor, and overhead variances. (Round intermediate calculations to 2 decimal places, e.g. 14.37 and final answers to 0 decimal places, e.g. 125. Enter all variances as a positive number.) Material Price Variance Material Quantity Variance Labor Rate Variance Labor Efficiency Variance Controllable Overhead Variance Overhead Volume Variance s Prepare a variance summary. (Enter unfavorable variances using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45)) Material Price Variance Material Quantity Variance Labor Rate Variance Labor Efficiency Variance Controllable Overhead Variance Overhead Volume Variance Total LINK TO TEXT LINK TO TEXT LINK TO TEXT Indicate which variances should be investigated. Need to be investigated Material Price Variance Material Quantity Variance Labor Rate Variance Labor Efficiency Variance Controllable Overhead Variance Overhead Volume Variance