Note: just answer 5 and 6

SECTION B: PROBLEM SOLVING TOPIC: STANDARD COSTING - UNIT 11 (CHAPTER 11) Wagner Company developed the following standard costs for its product for 2011: WAGNER COMPANY Standard Cost Card Standard Quantity * Standard Price - Standard $ 5 Cost Elements Cost Direct materials Direct labor Variable overhead Fixed overhead $20 4 pounds 2 hours 2 hours 2 hours NAO The company expected to work at the 40,000 direct labor hours level of activity and produce 20,000 units of product. Actual results for 2011 were as follows: 18,900 units of product were actually produced. Direct labor costs were $362,700 for 37.200 direct labor hours actually worked. Actual direct materials purchased and used during the year cost $361,900 for 77,000 pounds. Total actual manufacturing overhead costs were $227,000. 4. Lire 05. Overhead controllable variance. 6. Overhead volume variance