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Castle Company produces throw blankets

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Question;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;1.35 DLH;$2 per direct labor-hour;$?;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;Submit an Excel document with each tab labeled by item number in good;form that demonstrates the following through your calculations;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?

 

Paper#38300 | Written in 18-Jul-2015

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