Solid Box Fabrications manufactures boxes for workstations. The firm’s standard cost sheet prior to October of the current year and actual results for October are as follows:

  
 
 

Required information [The following information applies to the questions displayed below.] Solid Box Fabrications manufactures boxes for workstations. The firm's standard cost sheet prior to October of the current year and actual results for October are as follows: Units Sales Variable costs: Direct materials 5 pounds at $2.50 per pound Direct labor 0.50 hour at $14.00 per hour Manufacturing overhead Selling and administrative Total variable costs Contribution margin Fixed costs: Manufacturing (factory) overhead Selling and administrative Total fixed costs Operating income Budget Information Standard Price and Variable Costs per Unit $ 50.00 $ 12.60 7.00 2.00 5.00 $26.60 $ 23.40 Fixed Costs $ 46,000 20,000 $ 66,000 51,200 16** $3 = $16.80 = 5,200 hr Actual Results October 9,500 $ 551,000 $ 153,600 87,360 10,000 45,000 $ 295,960 $ 255,040 $ 55,000 20,000 $ 75,000 $ 180,040