Can you please help me with this Managerial Accounting question? If you could show work I would much appreciate. Thank you. (Please see attached).

Can you please help me with this Managerial Accounting question? If you could show work I would much appreciate. Thank you. (Please see attached).

ATTACHMENT PREVIEW

Download attachment

Costello Corporation manufactures a single product. The standard cost per unit of product is shown below.
Direct materials—2 pound plastic at $7.97 per pound
$ 15.94
Direct labor—2.50 hours at $11.00 per hour
27.50
Variable manufacturing overhead
15.00
Fixed manufacturing overhead
25.00
Total standard cost per unit
$83.44
The predetermined manufacturing overhead rate is $16 per direct labor hour ($40.00 ÷ 2.50). It was computed from a 
master manufacturing overhead budget based on normal production of 13,750 direct labor hours (5,500 units) for the 
month. The master budget showed total variable costs of $82,500 ($6.00 per hour) and total fixed overhead costs of 
$137,500 ($10.00 per hour). Actual costs for October in producing 4,000 units were as follows.
Direct materials (8,140 pounds)
$ 67,236
Direct labor (9,850 hours)
110,517
Variable overhead
121,918
Fixed overhead
39,992
    Total manufacturing costs
$339,663
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.
(a)
 Compute all of the materials and labor variances.
 (Round answers to 0 decimal places, e.g. 125.)
Total materials variance
$
Materials price variance
$
Materials quantity variance
$
Total labor variance
$
Labor price variance
$
Labor quantity variance
$
(b)
 Compute the total overhead variance.
Total overhead variance
$

Leave a Comment