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Castle Company produces throw blankets that are popular holiday gifts. Standard variable costs relating to a single blanket are given below
Standard Quantity or Hours
Standard Price or Rate
Standard Cost
Direct materials
2.62 yards
$5 per yard
$?
Direct labor
1.35 DLH
$6.80 per DLH
Variable manufacturing overhead
$2 per direct labor-hour
Total standard cost
Overhead is applied to production on the basis of direct labor hours. During March, 924 blankets were manufactured and sold.
Selected information related to the month's production is given below:
Materials Used
Direct Labor
Variable Manufacturing Overhead
Actual costs incurred
$11,500
$8,408
$3,100
Direct materials price variance
?
Actual
2,620 yards
1400 hours
Direct materials quantity variance
$1,000 U
Direct labor rate variance
Direct labor efficiency variance
Variable overhead rate variance
Variable overhead efficiency variance
*For this month's production of 924 blankets
1. What is the standard cost of a single blanket?
2. What was the actual cost per blanket produced during March?
3. What was the direct materials price variance for March?
4. What was the direct labor rate variance for March? The direct labor efficiency variance?
5. What was the variable overhead rate variance for March? The variable overhead efficiency variance?
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