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Direct materials 5 lbs. per unit $2.00 per lb. Direct labor 0.75 DL hrs. per unit $18.00 per DL hr. Variable overhead 0.75 DL hrs. per unit $3.00 per DL hr. Fixed overhead 0.75 DL hrs. per unit $4.00 per DL hr. The fixed overhead rate was based on budgeted production of 54,000 units. The actual results for the year were as follows. Units produced 53,000 units Direct materials purchased 274,000 lbs. at $2.50 per lb. Direct materials used 270,300 lbs. Direct labor 40,100 DL hrs. at $17.95 per DL hr. Variable overhead $122,000 Fixed overhead $161,700

Answer :

Actual results: 53,000 units produced with higher materials cost, lower labor cost, and overexpenditure in fixed overhead. Monitoring costs is important.

The company produced 53,000 units with higher direct materials usage of 270,300 lbs. at $2.50 per lb. compared to the budgeted $2.00 per lb. Direct labor cost per hour was lower at $17.95 compared to the budgeted $18.00, resulting in 40,100 DL hrs. Variable overhead was $122,000 based on actual labor hours, while fixed overhead incurred an overexpenditure of $161,700 due to lower production. Monitoring and analyzing actual costs against budgets are crucial for identifying areas of improvement and cost control.

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