Castle Company produces throw blankets that are popular holiday gifts. Standard
ID: 2372775 • Letter: C
Question
Castle Company produces throw blankets that are popular holiday gifts. Standard variable costs relating to a single blanket are given below:
Standard Quantity of Hours
Standard Price or Rate
Standard Cost
Direct materials
?
$5 per yard
$?
Direct labor
?
?
$?
Variable manufacturing overhead
?
$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. Difference between standard and actual cost per blanket produced during March: $0.10 F.
Selected information related to the month%u2019s production is given below:
Materials Used
Direct Labor
Variable Manufacturing Overhead
Total standard cost allowed*
$12,100
$8,500
$2,500
Actual costs incurred
$11,500
?
$3,100
Direct materials price variance
?
Actual
?
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%u2019s 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:
Week 7 critical thinking assignment help
I recognize that the assignment for this week is a challenging one. I am providing assistance below for key sections of the assignment that would get you going in the right direction:
Standard cost for March Production:
Materials 12,100
Labor 8,500
Variable MOH 2,500
--------
Total standard cost 23,100
No. of blankets produced 924
Std. cost per single blanket 23100/924 = 25
Standard Quantity of Hours
Standard Price or Rate
Standard Cost
Direct materials
?
$5 per yard
$?
Direct labor
?
?
$?
Variable manufacturing overhead
?
$2 per direct labor-hour
$?
Total standard cost
$?
Explanation / Answer
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