Question: Please answer this as best and as quickly as you can thank you! 1. Loper Corporation manufactures a single product. The standard cost per unit

Please answer this as best and as quickly as you can thank you!

Please answer this as best and as quickly as you can thank

1. Loper Corporation manufactures a single product. The standard cost per unit of product is shown below: Direct materials -- 2 pound at 55 per pound S 10.00 Direct labor -- 2 hours at $12 per hour 24.00 variable manufacturing overhead 12.00 Fixed manufacturing overhead 6.00 total standard cost per unit 552.00 The predetermined manufacturing overhead rate is $9 per direct labor hour ($18/2). It was computed from a master manufacturing overhead budget based on normal production of 15,000 direct labor hours (7,500 units) for the month. The master budget showed total variable costs of $90,000 (56 per hour) and total fixed overhead costs of 545.000 (53 per hour). Overhead is applied on the basis of direct labor hours. Actual costs for October in producing 7.400 units were as follows: Direct materials (15,000 pounds) S 73.500 Direct labor (14.900 hours) 181.780 Variable overhead 88.990 Fixed overhead 44,000 total manufacturing costs $388,270 The purchasing department buys the quantities of raw materials that are expected to be used in production each month. Raw materials inventories, therefore, can be ignored. Instructions: Compute all of the materials, labor and overhead variances. Your answer should include the material price variance, material quantity variance, labor price variance, labor quantity variance and total overhead variance. Clearly label your answers (abbreviations are fine) and show all calculations. This Question is worth over 30 points so I know its lenghty and that is why I am awarding good points. Please no advertising other websites or tutors. And I will not award points if the answer is short and not written out with work. Please be thorough! Thank you

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