Castle Company (50 points)
Castle Company produces throw blankets that are popular holiday gifts. Standard variable costs relating to a single blanket are given below
Standard Quantity or Hours
|
Standard Price or Rate
|
Standard Cost
| |
Direct materials
|
2.62 yards
|
$5 per yard
|
$?
|
Direct labor
|
1.35 DLH
|
$6.80 per DLH
|
$?
|
Variable manufacturing overhead
|
1.35 DLH
|
$2 per direct labor-hour
|
$?
|
Total standard cost
|
$?
|
Overhead is applied to production on the basis of direct labor hours. During March, 924 blankets were manufactured and sold.
Selected information related to the month’s production is given below:
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Materials Used
|
Direct Labor
|
Variable Manufacturing Overhead
| |
$11,500
|
$8,408
|
$3,100
| |
Direct materials price variance
|
?
| ||
Actual
|
2,620 yards
|
1400 hours
| |
Direct materials quantity variance
|
$1,000 U
| ||
Direct labor rate variance
|
?
| ||
Direct labor efficiency variance
|
?
| ||
Variable overhead rate variance
|
?
| ||
Variable overhead efficiency variance
|
?
| ||
*For this month’s production of 924 blankets
| |||
Submit an Excel document with each tab labeled by item number in good form that demonstrates the following through your calculations:
<!--[if !supportLists]-->1. <!--[endif]-->What is the standard cost of a single blanket?
<!--[if !supportLists]-->2. <!--[endif]-->What was the actual cost per blanket produced during March?
<!--[if !supportLists]-->3. <!--[endif]-->What was the direct materials price variance for March?
<!--[if !supportLists]-->4. <!--[endif]-->What was the direct labor rate variance for March? The direct labor efficiency variance?
<!--[if !supportLists]-->5. <!--[endif]-->What was the variable overhead rate variance for March? The variable overhead efficiency variance?
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