Business, 24.04.2020 22:16 mtmtcow4752

Lane Company manufactures a single product that requires a great deal of hand labor. Overhead cost is applied on the basis of standard direct labor-hours. The budgeted variable manufacturing overhead is $5.40 per direct labor-hour and the budgeted fixed manufacturing overhead is $2,679,000 per year. The standard quantity of materials is 4 pounds per unit and the standard cost is $11.50 per pound. The standard direct labor-hours per unit is 1.5 hours and the standard labor rate is $13.70 per hour. The company planned to operate at a denominator activity level of 285,000 direct labor-hours and to produce 190,000 units of product during the most recent year. Actual activity and costs for the year were as follows:

Actual number of units produced 228,000
Actual direct labor-hours worked 370,500
Actual variable manufacturing overhead cost incurred $1,148,550
Actual fixed manufacturing overhead cost incurred $2,964,000

Required:
1. Compute the predetermined overhead rate for the year. Break the rate down into variable and fixed elements. (Round your answers to 2 decimal places.)
2. Prepare a standard cost card for the company’s product. (Round your answers to 2 decimal places.)

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Lane Company manufactures a single product that requires a great deal of hand labor. Overhead cost i...

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