A standard cost card for one unit of a product may look like the following:Direct materials (4 pounds @ $1.25 per pound)$5.00Direct labor (0.1 DLH @ $18 per hour)1.80Variable overhead (0.1 DLH @ $2.00 per hour)0.20Fixed overhead (0.1 DLH @ $4.60 per hour)0.46Total cost per unit$7.46The standard cost to produce one unit is $7.46. The standard cost to produce 600 units are $Of course, this is a simplification asthe standard cost does not take fixed and variable costs into account.However, if the firm is producing at or near capacity, then the cost per unit of $7.46 could be multiplied by total units to get total standardcost.The standard cost card gives both unit and cost standards. The direct materials total of $5.00 is based on the use of four pounds of material at$1.25 per pound. Similarly, it should take six minutes (0.1 direct labor hour) to produce one unit. This makes it easy to determine totalquantities and cost would be for multiple units.If 400 units were made, it should takepounds of direct materials with total standard cost of $. If 460 units weremade, it should takepounds of direct materials with total standard cost of $If 400 units were made, it should takedirect labor hours with total standard cost of $

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Description: A standard cost card for one unit of a product may look like the following:Direct materials (4 pounds @ $1.25 per pound)$5.00Direct labor (0.1 DLH @ $18 per hour)1.80Variable overhead (0.1 DLH @ $2.00 per hour)0.20Fixed overhead (0.1 DLH @ $4.60 per

Business

Accounting

A standard cost card for one unit of a product may look like the following: Direct materials (4 pounds @ $1.25 per pound) $5.00 Direct labor (0.1 DLH @ $18 per hour) 1.80 Variable overhead (0.1 DLH @ $2.00 per hour) 0.20 Fixed overhead (0.1 DLH @ $4.60 per hour) 0.46 Total cost per unit $7.46 The standard cost to produce one unit is $7.46. The standard cost to produce 600 units the standard cost does not take fixed and variable costs into account.

A standard cost card for one unit of a product may look like the following: Direct materials (4 pounds @ $1.25 per pound) $5.00 Direct labor (0.1 DLH @ $18 per hour) 1.80 Variable overhead (0.1 DLH @ $2.00 per hour) 0.20 Fixed overhead (0.1 DLH @ $4.60 per hour) 0.46 Total cost per unit $7.46 The standard cost to produce one unit is $7.46. The standard cost to produce 600 units the standard cost does not take fixed and variable costs into account.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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