Looking for help on this one too!!! Use the high$-$low method find the variable and fixed overhead rates.

Standard cost per unit:

The fixed cost standard rate uses $1,120$ hours $($Round to two decimals.$).$

Complete the standard cost card on the excel spreadsheet. Analysis of the actual factory data show the following $($none has been recorded$)$:

Production:

Material is added at the beginning of the process.

Beginning units in process $(\backslash (30\backslash \%\backslash )$ complete conversion$)$

Transferred to finished goods

$625$ units

Ending units in process $(\backslash (65\backslash \%\backslash )$ complete conversion$)$

$40$ units

Material used during the month $1,710$ pounds

Material purchased during the month $2,200$ pounds costing $\backslash (\backslash$$ $8,250\backslash )$

Labor used $1,132$ hours costing $\backslash (\backslash$$ $11,321\backslash )$

Variable Factory overhead $\backslash$$$6,839$

Fixed factory overhead $\backslash$$$8,796$

Santa's workshop uses the FIFO method

Required:

Find the variable overhead rate, fixed overhead rate, and standard cost card $($Due in Module $5).$ Use FIFO method for the process cost report

Company uses standard cost accounting.

$\backslash$begin$\{$tabular$\}\{|$c$|$c$|$c$|$c$|$c$|\}$

$\backslash$hline $\backslash$multicolumn$\{5\}\{|$c$|\}\{$Process Cost Report$\}\backslash \backslash$

$\backslash$hline Units to account for & & & & $\backslash \backslash$

$\backslash$hline Beginning units in process & & $\backslash$multicolumn$\{2\}\{|$l$|\}\{$Ending units in process$\}$ & $\backslash \backslash$

$\backslash$hline Units started & & $\backslash$multicolumn$\{2\}\{|$l$|\}\{$Units transferred out$\}$ & $\backslash \backslash$

$\backslash$hline Units to account for & & $\backslash$multicolumn$\{2\}\{|$l$|\}\{$Units accounted for$\}$ & $\backslash \backslash$

$\backslash$hline Equivalent units & DM & DL & FO & $\backslash \backslash$

$\backslash$hline Units transferred out & & & & $\backslash \backslash$

$\backslash$hline Beginning units in process & & & & $\backslash \backslash$

$\backslash$hline Units completed and transferred & & & & $\backslash \backslash$

$\backslash$hline Amount needed to complete beginning units in process & & & & $\backslash \backslash$

$\backslash$hline Ending units in process & & & & $\backslash \backslash$

$\backslash$hline Equivalent units & & & & $\backslash \backslash$

$\backslash$hline & & & & $\backslash \backslash$

$\backslash$hline Cost to account for & & & & $\backslash \backslash$

$\backslash$hline Direct material & & & & $\backslash \backslash$

$\backslash$hline Direct labor & & & & $\backslash \backslash$

$\backslash$hline Factory overhead & & & & $\backslash \backslash$

$\backslash$hline Total costs to account for & & & & $\backslash \backslash$

$\backslash$hline & & & & $\backslash \backslash$

$\backslash$hline Costs accounted for & & & & $\backslash \backslash$

$\backslash$hline Transferred to finished goods & & & & $\backslash \backslash$

$\backslash$hline Beginning wark in process & & & & $\backslash \backslash$

$\backslash$hline DM & & & & $\backslash \backslash$

$\backslash$hline DL & & & & $\backslash \backslash$

$\backslash$hline FO & & & & $\backslash \backslash$

$\backslash$hline Units started and completed & & & & $\backslash \backslash$

$\backslash$hline Costs transferred to finished goods & & & & $\backslash \backslash$

$\backslash$hline Ending work in process & & & & $\backslash \backslash$

$\backslash$hline DM & & & & $\backslash \backslash$

$\backslash$hline DL & & & & $\backslash \backslash$

$\backslash$hline FO & & & & $\backslash \backslash$

$\backslash$hline Cost for ending work in process & & & & $\backslash \backslash$

$\backslash$hline Costs accounted for & & & & $\backslash \backslash$

$\backslash$hline

$\backslash$end$\{$tabular$\}$

Journal entry to transfer to finished goods

$\backslash$begin$\{$tabular$\}\{|$l$|$l$|$l$|\}$

$\backslash$hline & & $\backslash \backslash$

$\backslash$hline & & $\backslash \backslash$

$\backslash$hline

$\backslash$end$\{$tabular$\}$