ces ce to usi X i - Data Table andard om the Stual re located Standards: Direct material 50 pounds per batch at $3.00 per pound Direct labor 4.0 hours per batch at $15.00 per hour Variable MOH standard rate $3.00 per direct labor hour Predetermined fixed MOH standard rate $5.00 per direct labor hour Total budgeted fixed MOH cost $1.600 Candard Print Done Data Table Purchased 3.660 pounds at a cost of $2.70 per pound Used 3,500 pounds in producing 60 batches Actual direct labor cost of $4,131 at an average direct labor cost per hour of $15.30 Actual variable MOH S972 Actual fixed MOH $1.900 Print Done i Requirements - X 1. Calculate the standard cost of one batch. 2. Calculate the following variances: a. The direct material variances. b. The direct labor variances. c. The variable manufacturing overhead variances. d. The fixed manufacturing overhead variances. 3. Have the company's managers done a good job or a poor job controlling materials, labor, and overhead costs? Why or why not? 4. Describe how the company's managers can benefit from the standard costing system. Do you think the company should continue with the standard cost system? Print Done Applewood Manufacturing produces ceramic teapots. Applewood allocates overhead based on the number of direct labor hours. The company is looking into using a standard cost system and has developed the following standards (one "unit" is a batch of 100 teapots): B!! (Click the icon to view the standards.) Actual cost and operating data from the most recent month are as follows: B!! (Click the icon to view the actual results.) All manufacturing overhead is allocated on the basis of direct labor hours. Read the requirements. Requirement 1. Calculate the standard cost of one batch. Standard cost per batch Standard cost Direct materials Direct labor Variable MOH Fixed MOH Total standard cost Requirement 2b. Calculate the direct labor variances. Enter the variances as positive numbers. Enter currency amounts to the nearest cent and your answers to the nearest whole dollar. Label the variances as favorable For unfavorable Ul Abbreviations used: DL-Direct labor.) First, determine the formula for the rate variance then compute the rata vanance for direct labor 1) = DL rata vananca First, determine the formula for the efficiency variance, then compute the efficiency variance for direct labor ) = DL elliciency variance Requirement 2c. Calculate the variable manufacturing overhead variances Enter the variances as positive numbers. Enter currency amounts to the nearest cent and your answers to the nearest whole dailar Label the variances as favorable (F) or unfavorable (U) First, determine the formula for the rate variance, then compute the rate variance for variable manufacturing overhead Variable overhead = fale variance Now compute the variable manufacturing overhead officiency variance. First determine the formula for the officiency variance, then compute the officiency Vanance far vanable manufacturing overhead Variable overhead oficiency VATANCA Requirement 2d. Calculate the fixed manufacturing overhead variances. (Enter the variances as positive numbers. Label the variances as favorable For unfavorableU) Abbreviations used: MOH - Manufacturing overhead) Begn by computing the foxed manufacturing overhead budget vanane First determine the formula for the budget vanance then compute the budget vanance for fixed manufacturing overhead Ford MOH budget variance Now compute the fixed manufacturing overhead volume variance. First determine the formula for the volume variance, then compute the volume variance for Feed manufacturing overhead Fixed MOH - volume variance Requirement 3. Have the company's managers dann a good job or a poorjab controlling materials labor and overhead costs? Why or why not? Overall the managers have done a job of controlling materials labor and overhead costs. This is evidenced by the fact that they have Requirement 4. Describe how the company's managers can benefit from the standard costing system. (If a box is not used in the table, leave the box empty do not select a label) The following are benefits of a standard costing system Do you think the company should continue with the standard cost system? The company