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Problem - Mifflin Corporation manufactures a single product. The standard cost per unit of product is shown below.
Direct materials-1 pound plastic at $7.00 per pound
$ 7.00
Direct labor-1.6 hours at $11.80 per hour
18.88
Variable manufacturing overhead
11.08
Fixed manufacturing overhead
3.68
Total standard cost per unit
$40.64
The predetermined manufacturing overhead rate is $9.23 per direct labor hour ($14.76 ÷ 1.6). It was computed from a master manufacturing overhead budget based on normal production of 7,840 direct labor hours (4,900 units) for the month. The master budget showed total variable costs of $535,460 ($7.40 per hour) and total fixed overhead costs of $195,370 ($2.70 per hour). Actual costs for October in producing 4,810 units were as follows.
Direct materials (4,990 pounds)
$ 36,926
Direct labor (7,520 hours)
93,248
Variable overhead
54,497
Fixed overhead
18,903
Total manufacturing costs
$203,574
The purchasing department buys the quantities of raw materials that are expected to be used in production each month. Raw materials inventories, therefore, can be ignored.
Instructions - Compute all of the materials, labor, and total overhead variances.
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