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. Other information:

Overhead rate

Fixed overhead rate is based on $1,120$ direct labor hours.

Fill in the shaded areas.

Type explanation here on how the overhead was calculated. 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 $5).$ Other information:

Overhead rate

Fixed overhead rate is based on $1,120$ direct labor hours.

Fill in the shaded areas.

Type explanation here on how the overhead was calculated. Material is added at the beginning of the process. 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$\}$