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The standard cost sheet for a product is shown.Manufacturing CostsStandard priceStandard QuantityStandard Costper unitDirect materials$4.70 per pound6.10 pounds$28.67Direct labor$12.16 per hour2.00 hours$24.32Overhead$2.20 per hour2.00 hours$4.40$57.39The company produced 3,000 units that required:⢠18,800 pounds of material purchased at $4.55 per pound⢠5,900 hours of labor at an hourly rate of $12.56 per hour⢠Actual overhead in the period was $13,680Fill in the Budget Performance Report for the period. Someamounts are provided. Round your answers to the nearest dollar.However, do not round your intermediate calculations.Budget Performance ReportManufacturing Costs:3,000 unitsActualCostsStandardCostsVariance(Favorable)/UnfavorableDirect materials$85,540??Direct labor?72,960?Overhead13,680????$1,154Split the direct materials cost variance into the materialsprice varaince and the Direct materials quantity variance. Rememberthat you want to isolate the price variance from the quantityvariance so be sure to use factors that do not overlap. Alsoremember that the two variances should equal the total directmaterial cost variance.Direct materials price variance:Direct materials quantity variance:(Actual price - Standard price) xactual  quantity(Actual quantity - Standard quantity) xstandard  price$2,820 favorable$2,350 unfavorableSplit the direct labor cost variance into the direct labor ratevariance and the direct labor time variance. Remember that you wantto isolate the price variance from the efficiency variance so besure to use factors that do not overlap. Also remember that the twovariances should equal the total direct labor cost variance.Direct labor rate variance:Direct labor time variance:(Actual rate - Standard rate) x   hours(Actual hours - Standard hours) x   laborrate??Manufacturing variances are period costs that are rolledinto_______? and reported on the________? . A favorable variance isrecorded as a _________? and an unfavorable variance is recorded asa________? .