Arvind Manufacturing produces ceramic teapots. Arvind allocates overhead based on the number of direct labor hours. The company is looking into using a standard cost system and has developed the following standards (one "unit" is a batch of 100 teapots) (Click the icon to view the standards.) Actual cost and operating data from the most recent month are as follows: (Click the icon to view the actual results.) All manufacturing overhead is allocated on the basis of direct labor hours Read the requirements Data Table Data Table Requirement 1. Calculate the standard cost of one batch. Standards: Standard cost Standard cost per batch Direct materials Direct labor Direct material 50 pounds per batch at $5.00 per pound Direct labor 5.0 hours per batch at $12.00 per hour Variable MOH standard rate $4.00 per direct labor hour Predetermined fixed MOH standard rate $5.00 per direct labor hour Total budgeted fixed MOH cost $1,600 Purchased 2,440 pounds at a cost of $4.90 per pound Used 2,200 pounds in producing 40 batches Actual direct labor cost of $2,583 at an average direct labor cost per hour of $12.60 Actual variable MOH $943 Actual fixed MOH $2,000 Variable MOH Fixed MOH Total standard cost Requirement 2a. Calculate the direct material variances. (Enter the varia DM = Direct materials.) Print Done Print Done First, determine the formula for the price variance, then compute the price tea Arvind Manufacturing produces ceramic teapots. Arvind allocates overhead based on the number of direct labor hours. The company is looking into usid (Click the icon to view the standards.) Actual cost and operating data from the most recent month are as follows: (Click the icon to view the actual results.) All manufacturing overhead is allocated on the basis of direct labor hours. Read the requirements Standards: Direct material 50 pounds per batch at $5.00 per pound Direct labor 5.0 hours per batch at $12.00 per hour Variable MOH standard rate $4.00 per direct labor hour Predetermined fixed MOH standard rate $5.00 per direct labor hour Total budgeted fixed MOH cost $1,600 . Requirement 2a. Calculate the direct material variances. (Enter the variances as positive numbers. Enter currency amounts to the nearest cent and you DM = Direct materials.) obre First, determine the formula for the price variance, then compute the price variance for direct materials. Data Table DM price variance Determine the formula for the quantity variance, then compute the quantity variance for direct materials. x DM quantity variance Purchased 2,440 pounds at a cost of $4.90 per pound Used 2,200 pounds in producing 40 batches Actual direct labor cost of $2,583 at an average direct labor cost per hour of $12.60 Actual variable MOH $943 Actual fixed MOH $2,000 Requirement 2b. Calculate the direct labor variances. (Enter the variances as positive numbers. Enter currency amounts to the nearest cent and you DL = Direct labor.) Requirement 2b. Calculate the direct labor variances. (Enter the variances as positive numbers. Enter currency amounts to the nearest cer DL = Direct labor.) First, determine the formula for the rate variance, then compute the rate variance for direct labor. x DL rate variance 11 First, determine the formula for the efficiency variance, then compute the efficiency variance for direct labor. ) DL efficiency variance Requirement 2c. Calculate the variable manufacturing overhead variances. (Enter the variances as positive numbers. Enter currency amou Variable overhead rate variance Now compute the variable manufacturing overhead efficiency variance. First determine the formula for the efficiency variance, then compute Variable overhead efficiency variance Requirement 2d. Calculate the fixed manufacturing overhead variances. (Enter the variances as positive numbers. Label the variances as fa Begin by computing the fixed manufacturing overhead budget variance. First determine the formula for the budget variance, then compute the Fixed MOH = budget variance Now compute the fixed manufacturing overhead volume variance. First determine the formula for the volume variance, then compute the volum Fixed MOH volume variance Requirement 3. Have the company's managers done a good job or a poor job controlling materials, labor and overhead costs? Why or why no