The standard cost sheet for a product is shown Manufacturing Costs Standard price Standard Quantity Standard Cost per unit Direct materials $4 50 per pound 5 60 pounds $ 25 20 Direct labor $11 51 per hour 2 20 hours $ 25 32 Overhead $2 30 per hour 2 20 hours $ 5 06 $ 55 58 The company produced 3,000 units that required 17,000 pounds of material purchased at $4 55 per pound 5,950 hours of labor at an hourly rate of $11 81 per hour Actual overhead in the period was $12,980 Fill in the Budget Performance Report for the period Some amounts are provided Round your answers to the nearest dollar However, do not round your intermediate calculations Budget Performance Report Manufacturing Costs 3,000 units Actual Costs Standard Costs Variance (Favorable) Unfavorable Direct materials $75,255 $ $ Direct labor 75,966 Overhead 15,660 $ $ $1,525 Split the direct materials variance into the materials price varaince and the materials usage variance Remember that you want to isolate the price variance from the quantity variance so be sure to use factors that do not overlap Also remember that the two variances should equal the total material variance Materials price variance Materials usage variance (Actual price Standard price) x Select your answer actualstandardCorrect 9 of Item 3 quantity (Actual quantity Standard quantity) x Select your answer actualstandardCorrect 10 of Item 3 price Select your answer $2250 favorable$2700 favorable$2595 favorable$2595 unfavorableCorrect 11 of Item 3 Select your answer $2700 favorable$2250 favorable$2250 unfavorable$2595 favorableCorrect 12 of Item 3 Split the direct labor variance into the labor price variance and the labor efficiency variance Remember that you want to isolate the price variance from the efficiency variance so be sure to use factors that do not overlap Also remember that the two variances should equal the total labor variance Labor price variance Labor efficiency variance (Actual rate Standard rate) x Select your answer actualstandardCorrect 13 of Item 3 hours (Actual hours Standard hours) x Select your answer actualstandardCorrect 14 of Item 3 labor rate Select your answer $1965 favorable$1965 unfavorable$2250 favorable$2250 unfavorableCorrect 15 of Item 3 Select your answer $576 favorable$576 unfavorable$2250 unfavorable$2595 favorableCorrect 16 of Item 3 Manufacturing variances are period costs that are rolled into Select your answer revenuecost of salesassetsliabilitiesCorrect 17 of Item 3 and reported on the Select your answer balance sheetincome statementCorrect 18 of Item 3 A favorable variance is recorded as a Select your answer debitcreditCorrect 19 of Item 3 and an unfavorable variance is recorded as a Select your answer debitcreditCorrect 20 of Item 3

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The standard cost sheet for a product is shown. Manufacturing Costs Standard price Standard Quantity Standard Cost per unit Direct materials $4.50 per pound 5.60

The standard cost sheet for a product is shown.

Manufacturing Costs	Standard price	Standard Quantity	Standard Cost per unit
Direct materials	$4.50 per pound	5.60 pounds	$	25.20
Direct labor	$11.51 per hour	2.20 hours	$	25.32
Overhead	$2.30 per hour	2.20 hours	$	5.06
			$	55.58

The company produced 3,000 units that required:

• 17,000 pounds of material purchased at $4.55 per pound

• 5,950 hours of labor at an hourly rate of $11.81 per hour

• Actual overhead in the period was $12,980

Fill in the Budget Performance Report for the period. Some amounts are provided. Round your answers to the nearest dollar. However, do not round your intermediate calculations.

Budget Performance Report
Manufacturing Costs: 3,000 units	Actual Costs	Standard Costs	Variance (Favorable)/ Unfavorable
Direct materials	$75,255	$	$
Direct labor		75,966
Overhead	15,660
	$	$	$1,525

Split the direct materials variance into the materials price varaince and the materials usage variance. Remember that you want to isolate the price variance from the quantity variance so be sure to use factors that do not overlap. Also remember that the two variances should equal the total material variance.

Materials price variance:	Materials usage variance:
(Actual price - Standard price) x - Select your answer -actualstandardCorrect 9 of Item 3 quantity	(Actual quantity - Standard quantity) x - Select your answer -actualstandardCorrect 10 of Item 3 price
- Select your answer -$2250 favorable$2700 favorable$2595 favorable$2595 unfavorableCorrect 11 of Item 3	- Select your answer -$2700 favorable$2250 favorable$2250 unfavorable$2595 favorableCorrect 12 of Item 3

Split the direct labor variance into the labor price variance and the labor efficiency variance. Remember that you want to isolate the price variance from the efficiency variance so be sure to use factors that do not overlap. Also remember that the two variances should equal the total labor variance.

Labor price variance:	Labor efficiency variance:
(Actual rate - Standard rate) x - Select your answer -actualstandardCorrect 13 of Item 3 hours	(Actual hours - Standard hours) x - Select your answer -actualstandardCorrect 14 of Item 3 labor rate
- Select your answer -$1965 favorable$1965 unfavorable$2250 favorable$2250 unfavorableCorrect 15 of Item 3	- Select your answer -$576 favorable$576 unfavorable$2250 unfavorable$2595 favorableCorrect 16 of Item 3

Manufacturing variances are period costs that are rolled into - Select your answer -revenuecost of salesassetsliabilitiesCorrect 17 of Item 3 and reported on the - Select your answer -balance sheetincome statementCorrect 18 of Item 3 . A favorable variance is recorded as a - Select your answer -debitcreditCorrect 19 of Item 3 and an unfavorable variance is recorded as a - Select your answer -debitcreditCorrect 20 of Item 3.