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You are a recent graduate of the University of the West Indies and have accepted a position with the leading manufacturer in Grenada. The accountant
You are a recent graduate of the University of the West Indies and have accepted a position with the leading manufacturer in Grenada. The accountant was preparing some information for the next meeting when the computer system crashed after he has printed out the following information. STANDARD COST CARD Direct materials; 6 pounds at $3 per pound $ 18.00 Direct labor, 0.8 direct labor-hours at $15 per DLH 12.00 2.40 Variable overhead; 0.8 direct labor hours at $3 per DLH Fixed overhead; 0.8 direct labor hours at $7 per DLH 5.60 Standard cost per unit $38.00 Variance Reported Volume Total Standard Cost* Price or Rate Spending or Budget Quantity or Efficiency Direct materials 369,000 12,800F 9,000U Direct labor 246,000 14,240U 21,000U 49,200 Variable overhead ? 1,300F Fixed overhead 114,800 500F 14,000F *Cost applied to WIP during the period $ $ $ *Cost applied to WIP during the period ? Entry did not print The manufacturing overhead cost is applied to production on the basis of direct labor hours (DLH). The material purchased during the period but remaining as Ending inventory was 2,000 lbs. In the table below complete the following How many units were produced in the last $ period? How many pounds of direct material were used in production? How many pounds of direct material were purchased during the period? What was the actual cost per pound of $ material? Standard quantity of direct materials allowed in $ pounds) is How many actual direct labor-hours were worked $ during the period? What was the actual wage rate paid per direct $ labor-hour? How much actual variable manufacturing $ overhead cost was incurred during the period? What is the total fixed manufacturing overhead $ cost in the company's flexible budget? What is the Variable overhead Efficiency Variance? $ EA
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