A manufactured product has the following information for August. Standard Quantity and Cost 2 pounds per unit @ $3.00 per pound 0.5 hour per unit @ $20 per DLH $18 per DLH 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. Complete this question by entering your answers in the tabs below. Required 11 Required 2 Required 31 Inputs Direct materials Direct labor Overhead 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 Actual Results x 12,200 units Standard cost per uit $ 300,400
A manufactured product has the following information for August. Standard Quantity and Cost 2 pounds per unit @ $3.00 per pound 0.5 hour per unit @ $20 per DLH $18 per DLH 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. Complete this question by entering your answers in the tabs below. Required 11 Required 2 Required 31 Inputs Direct materials Direct labor Overhead 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 Actual Results x 12,200 units Standard cost per uit $ 300,400
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Concept explainers
Variance Analysis
In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance.
Standard Costing
The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.
Topic Video
Question
Please do not give solution in image format thanku
Transcribed Image Text:A manufactured product has the following information for August.
Standard Quantity and Cost
2 pounds per unit @ $3.00 per pound
0.5 hour per unit @ $20 per DLH
$18 per DLH
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.
Complete this question by entering your answers in the tabs below.
Required 11
Required 2 Required 3
Inputs
Direct materials
Direct labor
Overhead
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
Actual Results
X
12,200 units
Standard
cost per unit
$ 300,400
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 5 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education