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The standard cost card for a single unit of Robinson, Incorporated's products is shown below....

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Accounting

The standard cost card for a single unit of Robinson, Incorporated's products is shown below.

Standard Quantity Standard Price/Rate Standard Unit Cost
Direct materials: 2.5 yards @ $ 8.00 per yard $ 20.00
Direct labor: 0.5 hours @ $ 18.00 per hour 9.00
Variable overhead (based on labor hours): 0.5 hours @ $ 10.00 per hour 5.00
Budgeted production for the month 14,000 units
Actual production for the month 13,500 units
Actual Costs Incurred to Produce 13,500 units: Standard Quantity Standard Price/Rate Total Actual Cost
Direct Materials Purchased and Used 35,100 yards @ $ 7.00 per yard $2,45,700
Direct Labor Paid 7,425 hours @ $ 17.50 per hour $1,29,938
Variable Overhead Incurred 7,425 hours @ $ 12.00 per hour $ 89,100

1. Compute the direct material, direct labor and variable overhead variances.

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