Walton Company manufactures molded candles that are finished by hand. The company developed the following standards for a new line of drip candles Amount of direct materials per Candle Price of direct materials per pound Quantity of labor per unit Price of direct labor per hour Total budgeted fixed overhead 1.60 pounds 5 0.70 0.70 hours $7.30/hour $107,510 During Year 2. Walton planned to produce 25.000 drip candles Production tagged behind expectations, and it actually produced only 21000 drip candles At year-end, direct materials purchased and used amounted to 35 400 pounds at a unit price of $064 per pound Direct labor costs were actually $6 80 per hour and 17700 actual hours were worked to produce the drip candles Overhead for the year actually amounted to $98.700 Overhead is applied to products using a predetermined overhead rate based on estimated units Required 6.&b. Compute the standard cost per candle for direct materials, direct labor overhead and also the total standard cost for one drip candle c.&d. Compute the actual cost per candle for direct materials, direct labor overhead and also the total actual cost per candles e. Compute the price and usage variances for direct materials and direct labor f. Compute the fixed cost spending and volume variances Complete this question by entering your answers in the tabs below. Req A and B ReqC and D ReqE Reg Compute the standard cost per candle for direct materials, direct labor, overhead and also the total standard cost for one drip candle. (Round your answers to 2 decimal places.) Cost Standard cost per unit Direct material Direct labor Overhead Total per candle Reg AB ReqC and D > Complete this question by entering your answers in the tabs below. Reg A and B Reg C and D ReqE ReqF Compute the actual cost per candle for direct materials, direct labor, overhead and also the total actual cost per candies (Do not round Intermediate calculations. Round your answers to 2 decimal places.) Cost Actual cost per unit Direct material Direct labor Overhead Total pot candio Complete this question by entering your answers in the tabs below. Req A and B Reg C and D Rege RegF Compute the price and usage variances for direct materials and direct labor. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (le, zero variance)) Cost Variance Direct materials Price variance Usage vanance Direct labor Price vanno Usage variance Complete this question by entering your answers in the tabs below. Req A and B Reg Cand D ReqE ReqF Compute the fixed cost spending and volume variances. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (l.e., zero variance).) Fixed MOH Cont Variance Spending variance Volumo variance ( ReqE Reus
