The standard cost card for the single product rnanufactured by Cutter, Inc., is

Question

The standard cost card for the single product rnanufactured by Cutter, Inc., is given below Direct materials, 4.0 yards at $6.00 per yard Direct labor 7 hours at $10.00 per hour Variable overhead, 7 hours at $2.00 per hour Fioed overhead, .T hours at 35.50 per hour 3 24.D0 11.20 1.40 3.85 40.45 Total standard cost per unit Manufacturing overhead is applied to production on the basis of sta ndard direct labor-hours. During the year, the comp Fixed Overhead Applied to Work in Process Fied OverheadFised Actual Fied Overhead Budgeted Fixed Overhead ?hours ? per hour et variance $?Volume variance, 56,050 F Required: 1. What were the standard hours allowed for the year's production? (Round "Standard hours per un it" to 1 decimal p Total produced last year Standard hours per unit Standard-hours 13,000 units 0.7 DLH per unit 9,100 DLHs 2 What was the amount of budgeted foxed overhead cost for the year? 3 What was the fxed overhead budget variance for the year? (Indicate the effect of each variance by selecting "F" fo Bucget variance

Explanation / Answer

Fixed overhead applied to work in process 9100 hours*5.5 50050 Absorbed fixed overhead-Budget fixed overhead=6050 50050-Budgetd fixed overhead=6050 Budgetd fixed overhead cost=-6050+50050 44000 ans 2 ans 3 Budget variance Actula-Budget 45000-44000 1000 U If any doubt please comment

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