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Accounting- Castle Company




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 HoursStandard Price or RateStandard CostDirect materials2.62 yards$5 per yard$?Direct labor1.35 DLH$6.80 per DLH$?Variable manufacturing overhead1.35 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 UsedDirect LaborVariable Manufacturing OverheadActual costs incurred$11,500 $8,408$3,100 Direct materials price variance;Actual2,620 yards1400 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 blanketsSubmit 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#44517 | Written in 18-Jul-2015

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