Erie Company manufactures an MP3 player called the Jogging Mate. The company uses standards to control its costs. The labour and variable overhead standards that have been set for one Jogging Mate MP3 player are as follows: Direct labour Variable overhead Standard Hours 18minutes 18minutes Standard Rate per Hour $18.00 $5.00 Standard Cost $ 5.40 $ 1.50 Budgeted fixed overhead was estimated to be $30,000 per month. Fixed overhead cost is applied using direct labour-hours. During August, 5,450 hours of direct labour time was recorded in the manufacture of 19,000 units of the Jogging Mate. The direct labour cost totalled $109,100 for the month. Actual variable overhead and fixed overhead costs were $20,710 and $30,400, respectively.

Erie Company manufactures an MP3 player called the Jogging Mate. The company uses standards to control its costs. The labour and variable overhead standards that have been set for one Jogging Mate MP3 player are as follows: Direct labour Variable overhead Standard Hours 18minutes 18minutes Standard Rate per Hour $18.00 $5.00 Standard Cost $ 5.40 $ 1.50 Budgeted fixed overhead was estimated to be $30,000 per month. Fixed overhead cost is applied using direct labour-hours. During August, 5,450 hours of direct labour time was recorded in the manufacture of 19,000 units of the Jogging Mate. The direct labour cost totalled $109,100 for the month. Actual variable overhead and fixed overhead costs were $20,710 and $30,400, respectively.

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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