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Antuan Company set the following standard costs for one unit of its product.
Direct materials (4.0 Ibs. @ $6.00 per Ib.)
$
24.00
Direct labor (1.7 hrs. @ $12.00 per hr.)
20.40
Overhead (1.7 hrs. @ $18.50 per hr.)
31.45
Total standard cost
$
75.85
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
$
15,000
Indirect labor
75,000
Power
15,000
Repairs and maintenance
30,000
Total variable overhead costs
$
135,000
Fixed overhead costs
Depreciation—building
23,000
Depreciation—machinery
71,000
Taxes and insurance
16,000
Supervision
226,750
Total fixed overhead costs
336,750
Total overhead costs
$
471,750
The company incurred the following actual costs when it operated at 75% of capacity in October.
Direct materials (60,500 Ibs. @ $6.20 per lb.)
$
375,100
Direct labor (29,000 hrs. @ $12.20 per hr.)
353,800
Overhead costs
Indirect materials
$
41,650
Indirect labor
176,300
Power
17,250
Repairs and maintenance
34,500
Depreciation—building
23,000
Depreciation—machinery
95,850
Taxes and insurance
14,400
Supervision
226,750
629,700
Total costs
$
1,358,600
3.
Compute the direct materials cost variance, including its price and quantity variances.
4.
Compute the direct labor cost variance, including its rate and efficiency variances.
5.
Prepare a detailed overhead variance report that shows the variances for individual items of overhead.
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