A manufactured product has the following information for August. Direct materials Direct labor Overhead Units manufactured Total manufacturing costs Standard Quantity and Cost 2 pounds per unit @ $9.50 per pound 0.5 hour per unit @ $72 per DLH $96 per DLH (1) Prepare the standard cost card showing standard cost per unit. (2) Compute total budgeted cost for production in August. (3) Compute the total cost variance for August. Actual Results 14,800 units $ 1,520,400

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Exercise 21-7 (Algo) Standard cost per unit, total budgeted cost, and total cost variance LO P2
A manufactured product has the following information for August.
Direct materials
Direct labor
Overhead
Units manufactured
Total manufacturing costs
(1) Prepare the standard cost card showing standard cost per unit.
(2) Compute total budgeted cost for production in August.
(3) Compute the total cost variance for August.
Standard Quantity and Cost
2 pounds per unit @ $9.50 per pound
0.5 hour per unit @ $72 per DLH
$96 per DLH
Complete this question by entering your answers in the tabs below.
Required 1 Required 2
Inputs
Direct materials
Direct labor
Overhead
Required 3
Standard quantity or hours
pounds
DLH
DLH
Prepare the standard cost card showing standard cost per unit. (Round your final answers to 2 decimal places.)
Standard price or
rate
X
X
X
< Required 1
Actual Results
Required 2 >
14,800 units
$ 1,520,400
Standard
cost per unit
Transcribed Image Text:Exercise 21-7 (Algo) Standard cost per unit, total budgeted cost, and total cost variance LO P2 A manufactured product has the following information for August. Direct materials Direct labor Overhead Units manufactured Total manufacturing costs (1) Prepare the standard cost card showing standard cost per unit. (2) Compute total budgeted cost for production in August. (3) Compute the total cost variance for August. Standard Quantity and Cost 2 pounds per unit @ $9.50 per pound 0.5 hour per unit @ $72 per DLH $96 per DLH Complete this question by entering your answers in the tabs below. Required 1 Required 2 Inputs Direct materials Direct labor Overhead Required 3 Standard quantity or hours pounds DLH DLH Prepare the standard cost card showing standard cost per unit. (Round your final answers to 2 decimal places.) Standard price or rate X X X < Required 1 Actual Results Required 2 > 14,800 units $ 1,520,400 Standard cost per unit
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