You have been given the following information about the production of Metlock Co., and are...
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You have been given the following information about the production of Metlock Co., and are asked to provide the factory manager with information for a meeting with the vice-president of operations: Standard Cost Card Direct materials (6.00 kg at $3.40 per kilogram) $20.40 Direct labour (0.70 hours at $4.30) 3.01 Variable overhead (0.70 hours at $3.40 per hour) 2.38 Fixed overhead (0.70 hours at $6.00 per hour) 4.20 $29.99 The following is a production report for the most recent period of operations: Variances Total Standard Cost Spending/ Budget Costs Quantity/ Efficiency Price/ Rate Volume Direct materials $418,200 $6,300 F $10,200 u Direct labour 61,705 3,925 U 5,805 U Variable overhead 48,790 $1,030 F ? Fixed overhead 86,100 490 F $12,000 U What was the actual variable overhead cost incurred during the period? Actual variable overhead $ What is the total fixed overhead cost in the company's master budget? Budgeted fixed cost $ What were the master budget hours for fixed overhead? Master budget hours hours
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