17Perez Company manufactures molded candles that are finished by hand. The company developed the followingstandards for a new line of drip candles.Amount of direct materialsper candlePrice of direct materialsper poundQuantity of labor per unitPrice of direct labor perhourTotal budgeted fixedoverheadDuring Year 2, Perez planned to produce 26,000 drip candles. Production lagged behind expectations, and it actuallyproduced only 19,000 drip candles. At year-end, direct materials purchased and used amounted to 26,700 pounds at aunit price of $0.56 per pound. Direct labor costs were actually $8.20 per hour and 29,000 actual hours were worked toproduce the drip candles. Overhead for the year actually amounted to $106,400. Overhead is applied to products usinga predetermined overhead rate based on estimated units.Req Aand BRequireda.&b. Compute the standard cost per candle for direct materials, direct labor, overhead and also the total standard costfor one drip candle.c.&d. Compute the actual cost per candle for direct materials, direct labor, overhead and also the total actual cost percandle.$e. Compute the price and usage variances for direct materials and direct labor.f. Compute the fixed cost spending and volume variances.Cost$Complete this question by entering your answers in the tabs below.Req Cand D1.30 pounds0.601.40 hours8.70/hourDirect materialDirect laborOverheadTotal percandle$137,800Req E Req FCompute the standard cost per candle for direct materials, direct labor, overhead and alsothe total standard cost for one drip candle. (Round your answers to 2 decimal places.)Standardcost perunit

1) Direct material : We have, Amount of direct material required per unit = 1.30 pounds Price of…

Answered: a.&b. Compute the standard cost per…

FINANCIAL ACCOUNTING

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Author:Libby

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Chapter1: Financial Statements And Business Decisions

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The following figure depicts the complete system that Office Inc. uses to estimate the total cost of each office desk and office chair that it produces. How many cost pools does Office Inc.'s 2-stage costing system use for Office Chair objects? A. 7 B. 0 C. 6 D. 5 E. 4 F. 2 G. 1 H. 3 I. 8
The equivalent units for the FIFO unit cost represent: a. work done during the current period. b. work done during the current period and the previous period. c. work done on units completed during the current period. d. work done during the previous period. e. the same thing as the equivalent units for the weighted average unit cost.
what is the formula to calcuate direct materials % added for beginning wip, started and completed and ending wip as well as converion percent for started nd completed.
24: Seat Belt Inc., produces three sizes of seat belts: small, medium, and large. A seat belt pattern is first stenciled onto fabric in the Pattern Department. The stenciled patterns are then sent to the Cut and Sew Department, where the seat belt is cut and sewed together. Seat Belt Inc. uses the multiple production department factory overhead rate method of allocating factory overhead costs. Its factory overhead costs were budgeted as follows: Overhead Dollars Direct Labor Hours Pattern Department: Cut and Sew Department Overhead: 40,000 dh 60,000 dlb $300,000 $600,000 $900,000 Totals: 100,000 The Company decides to use the Multiple Department Overhead method, and Direct Labor Hours are used to allocate the overhead. We know the following for each type of seatbelt: Small Medium 1.0 dlh 1.5 dlb 2.5 dlh Large 2.0 dlh 3.0 dlb 5.0 dla Pattern Department: Cut and Sew Department: 1.5 dla 2.5 dlh 4.0 dlk Total Per Unit Part I: Calculate the Departmental Factory Overhead Rate for each…
The Dorilane Company produces a set of wood patio furniture consisting of a table and four chairs. The company has enough customer demand to justify producing its full capacity of 3,800 sets per year. Annual cost data at full capacity follow: Direct labor Advertising Factory supervision Property taxes, factory building Sales commissions Insurance, factory Depreciation, administrative office equipment Lease cost, factory equipment Indirect materials, factory Depreciation, factory building Administrative office supplies (billing) Administrative office salaries Direct materials used (wood, bolts, etc.) Utilities, factory $ 89,000 $ 103,000 $70,000 $ 23,000 $ 65,000 $ 6,000 $ 2,000 $ 17,000 $ 18,000 $ 106,000 $ 5,000 $ 111,000 $ 426,000 $ 46,000 Required: 1. Enter the dollar amount of each cost item under the appropriate headings. Note that each cost item is classified in two ways: first, as variable or fixed with respect to the number of units produced and sold; and second, as a selling…
A direct material standard cost is: Group of answer choices The cost of direct materials that should be incurred to produce one unit of output or product. The amount of direct materials that should be used to produce one unit of output or product. The cost of all materials and supplies used to produce one unit of output or product. The price that should be spent to purchase each unit of direct material for production.
A direct material standard cost is? The cost of direct materials that should be incurred to produce one unit of output or product. The cost of all materials and supplies used to produce one unit of output or product. The price that should be spent to purchase each unit of direct material for production. The amount of direct materials that should be used to produce one unit of output or product.

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a.&b. Compute the standard cost per candle for direct materials, direct labor, overhead and also the total standard cost for one drip candle.