Compute the standard cost for one pair of boots, based on the following standards for each pair of boots: Standard materials quantity: 1.25 yards of leather at $35.00 per yard Standard labor: 9 hours at $25.75 per hour Factory overhead: $1.76 per direct labor hour Round your answer to two decimal places. Total standard cost

Compute the standard cost for one pair of boots, based on the following standards for each pair of boots: Standard materials quantity: 1.25 yards of leather at $35.00 per yard Standard labor: 9 hours at $25.75 per hour Factory overhead: $1.76 per direct labor hour Round your answer to two decimal places. Total standard cost

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter6: Activity-based, Variable, And Absorption Costing

Section: Chapter Questions

Problem 1PB: Bobcat uses a traditional cost system and estimates next years overhead will be $800.000, as driven...

See similar textbooks

Similar questions

BatCo makes baseball bats. Each bat requires 1.00 pounds of wood at $18 per pound and 0.35 direct labor hour at $30 per hour. Overhead is assigned at the rate of $60 per direct labor hour.
Use the activity rate and usage information to determine the total activity cost and activity cost per unit for each product. If required, round the per unit answers to the nearest cent. Total Activity Cost Activity Cost Per Unit 66,810 ✓ 37,403 X 220.50 X 184.25 ✓ Elliptical machines Treadmill $
The direct materials involved in the manufacture of a Whoopie cost $2 per unit and the direct labour cost is $2.50 per unit. There are also direct expenses of $0.50 per Whoopie. Fixed costs apportioned to a Whoopie amount to $3.15. What is the prime cost of a Whoopie?
The standard cost card for one unit of a finished product shows the following: Standard Quantity or Hours Standard Price or Rate Direct materials 12 feet $ ? per foot $12 per hour $ 8 per hour Direct labor 1.5 hours Variable manufacturing overhead 1.5 hours If the total standard variable cost for one unit of finished product is $78, then the standard price per foot for direct materials is:
Standard Materials Cost The controller at your shoemaking company has determined that under normal conditions, you will spend $8.30 per unit of materials, and it will take 2.6 units of material per pair of shoes. Given this information, calculate the standard cost of materials per pair of shoes. If require, round the standard cost per pair of shoes to the nearest cent. Standard Price Standard Materials Standard Cost Manufacturing Costs per Unit of Material per Pair per Pair Direct Materials per unit units Feedback V Check My Work Use the standard price and standard materials values shown to compute the standard cost per pair. Actual Materials Cost During May, your shoemaking company incurred actual direct materials costs of $58,872 for 6,690 units of direct materials in the production of 2,150 pairs of shoes. Given this information, calculate the actual cost of materials per unit. If require, round the actual cost of materials per unit to the nearest cent. Actual Total Cost Actual…
Standard Direct Labor Cost The controller at your shoemaking company has determined that under normal conditions, you pay your employees $8.40 per hour, and it will take 2.6 hours of labor per pair of shoes. Given this information, calculate the standard cost of labor per pair of shoes. If required, round the standard labor per pair of shoes to the nearest cent. Manufacturing Costs Standard Price x Standard Hours per Pair = Standard Cost per Pair Direct Labor per hour hours Feedback V Check My Work Use the standard price and standard hours values shown to compute the standard labor cost per pair. Actual Direct Labor Cost During August, your shoe-making company incurred actual direct labor costs of $62,211 for 6,990 hours of direct labor in the production of 2,175 pairs of shoes. Given this information, calculate the actual cost of labor per hour. If required, round the actual cost of labor per hour to the nearest cent. Manufacturing Costs Actual Total Cost Actual Total Hours Actual…
Koontz Company manufactures a number of products. The standards relating to one of these products are shown below, along with actual cost data for May. Direct materials: Standard: 1.80 feet at $2.20 per foot Actual: 1.75 feet at $2.40 per foot Direct labor: Standard: 0.90 hour at $14.00 per hour Actual: 0.95 hour at $13.40 per hour Variable overhead: Standard: 0.90 hour at $5.00 per hour Actual: 0.95 hour at $4.60 per hour Total cost per unit Excess of actual cost over standard cost per unit Required 1 Standard Cost per Unit $3.96 Required 2 12.60 Required 3 4.50 Complete this question by entering your answers in the tabs below. $ 21.06 1a. Materials price variance 1a. Materials quantity variance 1b. Labor rate variance 1b. Labor efficiency variance 1c. Variable overhead rate variance 1c. Variable overhead efficiency variance The production superintendent was pleased when he saw this report and commented: "This $0.24 excess cost is well within the 5 percent limit management has set for…
Koontz Company manufactures a number of products. The standards relating to one of these products are shown below, along with actual cost data for May. Standard Cost per Unit Actual Cost per Unit Direct materials: Standard: 1.80 feet at $2.80 per foot $ 5.04 Actual: 1.75 feet at $3.00 per foot $ 5.25 Direct labor: Standard: 0.90 hours at $17.00 per hour 15.30 Actual: 0.95 hours at $16.40 per hour 15.58 Variable overhead: Standard: 0.90 hours at $7.40 per hour 6.66 Actual: 0.95 hours at $7.00 per hour 6.65 Total cost per unit $ 27.00 $ 27.48 Excess of actual cost over standard cost per unit $ 0.48 The production superintendent was pleased when he saw this report and commented: “This $0.48 excess cost is well within the 5 percent limit management has set for acceptable variances. It's obvious…
Using the pre-determined overhead rate calculated above, calculate the overhead that would be allocated to a product that uses 3.5 hours of machine time. What will happen if actual overhead costs turn out to be higher or lower than this calculation? predetermined overhead rate calculated above: $25/ hour of machine run time
Koontz Company manufactures a number of products. The standards relating to one of these products are shown below, along with actual cost data for May. Standard Cost per Unit Actual Cost per Unit Direct materials: Standard: 1.90 feet at $3.00 per foot $ 5.70 Actual: 1.85 feet at $3.40 per foot $ 6.29 Direct labor: Standard: 1.00 hours at $18.00 per hour 18.00 Actual: 1.05 hours at $17.40 per hour 18.27 Variable overhead: Standard: 1.00 hours at $8.00 per hour 8.00 Actual: 1.05 hours at $7.60 per hour 7.98 Total cost per unit $ 31.70 $ 32.54 Excess of actual cost over standard cost per unit $ 0.84 The production superintendent was pleased when he saw this report and commented: “This $0.84 excess cost is well within the 4 percent limit management has set for acceptable variances. It's obvious that there's not much to worry about with this product." Actual production for the month was 15,000 units.…
Koontz Company manufactures a number of products. The standards relating to one of these products are shown below, along with actual cost data for May. Standard Cost per Unit Actual Cost per Unit Direct materials: Standard: 1.90 feet at $4.60 per foot $ 8.74 Actual: 1.85 feet at $5.00 per foot $ 9.25 Direct labor: Standard: 0.95 hours at $19.00 per hour 18.05 Actual: 1.00 hours at $18.50 per hour 18.50 Variable overhead: Standard: 0.95 hours at $7.00 per hour 6.65 Actual: 1.00 hours at $6.60 per hour 6.60 Total cost per unit $ 33.44 $ 34.35 Excess of actual cost over standard cost per unit $ 0.91 The production superintendent was pleased when he saw this report and commented: “This $0.91 excess cost is well within the 4 percent limit management has set for acceptable variances. It's obvious…
Sneakers and BootsEach Sneaker requires 2 direct labor hours and Boots require 1.5 direct labor hourOverhead for labor hour is $2. Sneaker requires $15 direct material and Boots $20 direct material.Direct Labor for Sneaker is $5 and Boot $7 The total unit cost for each product is:?