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Tuna Company set the following standard unit costs for its single product.
Direct materials (27 Ibs. @ $4 per Ib.)
$
108.00
Direct labor (8 hrs. @ $8 per hr.)
64.00
Factory overhead-variable (8 hrs. @ $5 per hr.)
40.00
Factory overhead-fixed (8 hrs. @ $7 per hr.)
56.00
Total standard cost
268.00
The predetermined overhead rate is based on a planned operating volume of 60% of the productive capacity of 40,000 units per quarter. The following flexible budget information is available.
Operating Levels
50%
60%
70%
Production in units
20,000
24,000
28,000
Standard direct labor hours
160,000
192,000
224,000
Budgeted overhead
Fixed factory overhead
1,344,000
Variable factory overhead
800,000
960,000
1,120,000
During the current quarter, the company operated at 70% of capacity and produced 28,000 units of product; actual direct labor totaled 222,000 hours. Units produced were assigned the following standard costs:
Direct materials (756,000 Ibs. @ $4 per Ib.)
3,024,000
Direct labor (224,000 hrs. @ $8 per hr.)
1,792,000
Factory overhead (224,000 hrs. @ $12 per hr.)
2,688,000
7,504,000
Actual costs incurred during the current quarter follow:
Direct materials (751,000 Ibs. @ $4.10)
3,079,100
Direct labor (222,000 hrs. @ $7.75)
1,720,500
Fixed factory overhead costs
1,968,679
Variable factory overhead costs
1,843,019
Total actual costs
8,611,298
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