DMA, Inc., processes corn into corn starch and corn syrup. The company's productivity and cost standards follow: 1. From every bushel of corn processed, 13 pounds of starch and 5 pounds of syrup should be produced. 2. Standard direct labor and variable overhead total $0.57 per bushel of corn processed. 3. Standard fixed overhead (the predetermined fixed overhead application rate) is $0.38 per bushel processed. Required: Calculate the standard absorption cost per pound for the starch and syrup produced from the processing of 13,000 bushels of corn if the average cost per bushel is $1.93.
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- SteelMax produces metal containers that require 2.5 meters of material at $1.20 per meter and 0.3 direct labor hours at $18.00 per hour. Overhead is assigned at the rate of $12 per direct labor hour. What is the total standard cost for one unit of product that would appear on a standard cost card?need answerSteelMax produces metal containers that require 2.5 meters of material at $1.20 per meter and 0.3 direct labor hours at $18.00 per hour. Overhead is assigned at the rate of $12 per direct labor hour. What is the total standard cost for one unit of product that would appear on a standard cost card? correct answerPetrillo Company produces engine parts for large motors. The company uses a standard cost system for production costing and control. The standard cost sheet for one of its higher volumeproducts (a valve) is as follows: Direct materials (7 lbs. @ $5.40) $37.80Direct labor (1.75 hrs. @ $18) 31.50Variable overhead (1.75 hrs. @ $4.00) 7.00Fixed overhead (1.75 hrs. @ $3.00) 5.25Standard unit cost $81.55During the year, Petrillo had the following activity related to valve production:a. Production of valves totaled 20,600 units.b. A total of 135,400 pounds of direct materials was purchased at $5.36 per pound.c. There were 10,000 pounds of direct materials in beginning inventory (carried at $5.40 perpound). There was no ending inventory.d. The company used 36,500 direct labor hours at a total cost of $656,270.e. Actual fixed overhead totaled $110,000.f. Actual variable overhead totaled $168,000. Petrillo produces all of its valves in a single plant. Normal activity is 20,000 units per year.…
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- 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…Mickley Corporation produces two products, Alpha6s and Zeta7s, which pass through two operations, Sintering and Finishing. Each of the products uses two raw materials—X442 and Y661. The company uses a standard cost system, with the following standards for each product (on a per unit basis): Product Raw Material Standard Labor Time X442 Y661 Sintering Finishing Alpha6 1.8 kilos 2.0 liters 0.20 hours 0.80 hours Zeta7 3.0 kilos 4.5 liters 0.35 hours 0.90 hours Information relating to materials purchased and materials used in production during May follows: Material Purchases Purchase Cost Standard Price Used in Production X442 14,500 kilos $ 52,200 $ 3.50 per kilo 8,500 kilos Y661 15,500 liters $ 20,925 $ 1.40 per liter 13,000 liters The following additional information is available: The company recognizes price variances when materials are purchased. The standard labor rate is $19.80 per hour in Sintering and $19.20 per hour in Finishing. During…Box Springs. Inc., makes two sizes of box springs: queen and king. The direct material for the queen is $35 per unit and $55 is used in direct labor, while the direct material for the king is $55 per unit, and the labor cost is $70 per unit. Box Springs estimates it will make 4,300 queens and 3,000 kings in the next year. It estimates the overhead for each cost pool and cost driver activities as follows: How much does each unit cost to manufacture?