Monte Services, Inc. is analyzing the standard labor cost for a typical brake repair. Data from time and motion studies over the past month provide the following information:- **Actual time spent on brake repairs:** 5 hours- **Hourly wage rate:** $12- **Payroll taxes:** 20% of wage rate- **Setup and downtime:** 11% of actual labor time- **Cleanup and rest periods:** 34% of actual labor time- **Fringe benefits:** 25% of wage rate**(a)** Calculation for standard direct labor hours per brake repair:- The calculated standard direct labor hours per brake repair is 7.25 hours.- The answer is confirmed to be correct.**(b)** Calculation for standard direct labor hourly rate:- The determined standard direct labor hourly rate is $17.40.- The answer is validated as correct.This exercise helps establish a standardized approach for calculating labor costs, integrating various influencing factors such as taxes, downtime, and benefits. **Exercise (c): Calculating Standard Direct Labor Cost for Brake Repair**In this section, you are tasked with determining the standard direct labor cost associated with each brake repair. It is essential to ensure precision by rounding your answer to two decimal places, for example, 1.25.**Input Field:**- **Standard direct labor cost per brake repair:** $ [Enter Value Here]Make sure to input the correctly calculated value based on the given guidelines to complete the exercise accurately.

Direct labor cost is the cost incurred (wages) to produce the goods or to provide the services to…

Answered: (c) Determine the standard direct labor…

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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7. How is direct material cost per equivalent unit calculated?
None
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.
Dengo Company makes a trail mix in two departments: Roasting and Blending. Direct materials are added at the beginning of each process, and conversion costs are added evenly throughout each process. The company uses the FIFO method of process costing. October data for the Roasting department follow. Beginning work in process inventory Units started and completed Units completed and transferred out Ending work in process inventory Beginning work in process inventory Costs added this period Direct materials. Conversion Total costs to account for Units 4,400 20, 600 25,000 3,800 $314, 760 1,374,948 Direct Materials Conversion Percent Percent Complete Complete 100% 30% 100% $ 124,790 1,689, 708 $ 1,814, 498 70%
Please do not give solution in image format thanku
The service life of an asset may be measured by all of the following, except a. Units of output b. Units of activity c. Units of input d. Units of time
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.
Q. 2 (b1)
Current Attempt in Progress Tamarisk Company reports the following costs and expenses in May. Factory utilities Depreciation on factory equipment Depreciation on delivery trucks Indirect factory labor Indirect materials Direct materials used Factory manager's salary From the information: $14,800 12,120 3,840 47,120 77,440 132,480 8,000 Direct labor Sales salaries Property taxes on factory building Repairs to office equipment Factory repairs Advertising Office supplies used $66,480 44,320 2,400 1,280 1,920 14,400 2,510
Insurance expense incurred on a factory building would be treated as a a.period cost b.selling cost c.direct cost d.product cost
a) Setup cost = b) Setup time = (round your response to two decimal places). minutes (round your response to two decimal places).

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(c) Determine the standard direct labor cost per brake repair. (Round answer to 2 decimal places, e.g. 1.25.) Standard direct labor cost per brake repair