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. 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 $5).\backslash$begin$\{$tabular$\}\{|$c$|$c$|$c$|$c$|\}$

$\backslash$hline Direct Labor Hours & & & $\backslash \backslash$

$\backslash$hline & Product & Direct & Budgeted $\backslash \backslash$

$\backslash$hline & Units & Labor Hours & Overhead $\backslash \backslash$

$\backslash$hline Lowest activity and cost & & & $\backslash \backslash$

$\backslash$hline Highest activity and cost & & & $\backslash \backslash$

$\backslash$hline & & & $\backslash \backslash$

$\backslash$hline Std cost & & & $\backslash \backslash$

$\backslash$hline Direct Material & & & $\backslash \backslash$

$\backslash$hline Direct labor & & & $\backslash \backslash$

$\backslash$hline Overhead $($Based on direct labor$)$ & & & $\backslash \backslash$

$\backslash$hline Variable overhead & $1\mathrm{.}60$ & & $\backslash \backslash$

$\backslash$hline Fixed overhead & $1\mathrm{.}60$ & & $\backslash \backslash$

$\backslash$hline & & & $\backslash \backslash$

$\backslash$hline

$\backslash$end$\{$tabular$\}$ 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.