Santa's Workshop

Complete the excel spreadsheet using the following information.

Santa's Workshop Company has established standards for the toys produced. Santa's Workshop has several observations to help calculate the overhead rate. Santa wants the overhead calculated by using the number of product units produced, but the head bookkeeping elf argues for direct labor hours as the activity that should be used since overhead is allocated on by direct labor hours. Use the high$-$low method find the variabl and fixed overhead rates.

$\backslash$table$[[\backslash$table$[[$Product$],[$Units$]],,\backslash$table$[[$Direct Labor$],[$Hours$]],]]$

$\backslash$table$[[$Total$],[$Overhead$]]$

Standard cost per unit:

Material $(2\mathrm{.}5$ pounds @ $$3\mathrm{.}70$ per lb$.)$$ $9\mathrm{.}25$

Labor $(1\mathrm{.}6$ hours@$$9\mathrm{.}75$ per $hr)$ $$15\mathrm{.}60$

Variable Overhead $(1\mathrm{.}6$ hours @ $???)??????$

Fixed Overhead $(1\mathrm{.}6$ hours@ $???)$

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

Complete the standard cost card on the excel spreadsheet.