Inputs wirect materials irect labor Fixed manufacturing overhead otal standard cost per unit Standard Quantity or Hours 1.1 kilos. 0.70 hours 0.70 hours Standard Price or Rate $8.50 per kilo $20.00 per hour $5.00 per hour standard fixed manufacturing overhead rate was based on budgeted fixed manufacturing overhead of $70,000 and budgeted activity of 14,000 hours. ring the year, the company completed the following transactions: Purchased 32,200 kilos of raw material at a price of $7.80 per kilo. The materials price variance was $22,540 F. Used 30,480 kilos of the raw material to produce 27,800 units of work in process. The materials quantity variance was $850 F. Assigned direct labor costs to work in process. The direct labor workers (who were paid in cash) worked 18,260 hours at an average cost of $20.50 per hour. The direct labor rate variance was $9,130 U. The labor efficiency variance was Applied fixed overhead to the 27,800 units in work in process inventory using the predetermined overhead rate multiplied by the number of direct labor-hours allowed. Actual fixed overhead costs for the year were $59,500. Of this tota such as insurance, utilities, and indirect labor salaries that were all paid in cash and $82,000 related to depreciation of manufacturing equipment. The fixed manufacturing overhead budget variance was $10,500 F. The fixed manufactur wwas $27,300 F. Completed and transferred 27,800 units from work in process to finished goods. Sold (for cash) 29,000 units to customers at a price of $31.90 per unit. Transferred the standard cost associated with the 29,000 units sold from finished goods to cost of goods sold. Paid $101,000 of selling and administrative expenses. Closed all standard cost variances to cost of goods sold. Raw Standard Cost $9.35 14.00 3.50 $26.85 answer the following questions, you will need to record transactions a through i in the worksheet below. This worksheet is similar to the worksheets in your text except that it has been split into two parts to fit on the page. PP&E (net) sta ipment net of depreciation. Work in Finished Materials Materials Labor Price Quantity Labor Rate Efficiency FOH Budget FOH Volume Retained