Accounting- Castle Company

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?