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Costello Corporation manufactures a single product. The standard cost per unit of product is shown below.Direct materials—3 pound plastic at $6.24 per pound $ 18.72Direct labor—2.00 hours at $12.0
Costello Corporation manufactures a single product. The standard cost per unit of product is shown below.Direct materials—3 pound plastic at $6.24 per pound $ 18.72Direct labor—2.00 hours at $12.00 per hour 24.00Variable manufacturing overhead 13.00Fixed manufacturing overhead 19.00Total standard cost per unit $74.72The predetermined manufacturing overhead rate is $16 per direct labor hour ($32.00 ÷ 2.00). It was computed from a master manufacturing overhead budget based on normal production of 10,600 direct labor hours (5,300 units) for the month. The master budget showed total variable costs of $68,900 ($6.50 per hour) and total fixed overhead costs of $100,700 ($9.50 per hour). Actual costs for October in producing 3,700 units were as follows.Direct materials (11,270 pounds) $ 71,452Direct labor (7,210 hours) 89,260Variable overhead 89,035Fixed overhead 31,455Total manufacturing costs $281,202The purchasing department buys the quantities of raw materials that are expected to be used in production each month. Raw materials inventories, therefore, can be ignored.(a) Compute all of the materials and labor variances. (Round answers to 0 decimal places, e.g. 125.)Total materials variance $? Materials price variance $? Materials quantity variance $? Total labor variance $? Labor price variance $? Labor quantity variance $? (b) Compute the total overhead variance.Total overhead variance $?
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