Hart Labs, Inc. provides mad cow disease testing for both state and federal governmental agricultural agencies. Because the company's customers are governmental agencies, prices are strictly regulated. Therefore, Hart Labs must constantly monitor and control its testing costs. Shown below are the standard costs for a typical test. Direct materials (2 test tubes @ $1.90 per tube) Direct labor (1 hour @ $31 per hour) Variable overhead (1 hour @ $600 per hour) Fixed overhead (1 hour @ $12.00 per hour) Total standard cost per test Direct materials (1,890 test tubes) Direct labor 1945 hours) Variable overheid Fixed overhead $3.80 31.00 $3,402 27,405 4,860 10,512 6.00 The lab does not maintain an inventory of test tubes. As a result, the tubes purchased each month are used that month. Actual activity for the month of November 2020, when 900 tests were conducted, resulted in the following 12.00 $52.80 Monthly budgeted fixed overhead is $16.080 Revenues for the month were $59.409, and selling a

Hart Labs, Inc. provides mad cow disease testing for both state and federal governmental agricultural agencies. Because the company's customers are governmental agencies, prices are strictly regulated. Therefore, Hart Labs must constantly monitor and control its testing costs. Shown below are the standard costs for a typical test. Direct materials (2 test tubes @ $1.90 per tube) Direct labor (1 hour @ $31 per hour) Variable overhead (1 hour @ $600 per hour) Fixed overhead (1 hour @ $12.00 per hour) Total standard cost per test Direct materials (1,890 test tubes) Direct labor 1945 hours) Variable overheid Fixed overhead $3.80 31.00 $3,402 27,405 4,860 10,512 6.00 The lab does not maintain an inventory of test tubes. As a result, the tubes purchased each month are used that month. Actual activity for the month of November 2020, when 900 tests were conducted, resulted in the following 12.00 $52.80 Monthly budgeted fixed overhead is $16.080 Revenues for the month were $59.409, and selling a

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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