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Question - Costello Corporation manufactures a single product. The standard cost per unit of product is shown below.
Direct materials-1 pound plastic at $6.50 per pound
$ 6.50
Direct labor-1.00 hours at $12.00 per hour
12.00
Variable manufacturing overhead
6.00
Fixed manufacturing overhead
8.00
Total standard cost per unit
$32.50
The predetermined manufacturing overhead rate is $14 per direct labor hour ($14.00 ÷ 1.00). It was computed from a master manufacturing overhead budget based on normal production of 5,100 direct labor hours (5,100 units) for the month. The master budget showed total variable costs of $30,600 ($6.00 per hour) and total fixed overhead costs of $40,800 ($8.00 per hour). Actual costs for October in producing 4,400 units were as follows.
Direct materials (4,540 pounds)
$ 30,736
Direct labor (4,290 hours)
52,424
Variable overhead
44,968
Fixed overhead
18,692
Total manufacturing costs
$146,820
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.
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