Please do not give solution in image format thanku InputsDirect materialsDirect laborVariable manufacturing overheadTotal standard cost per unit.(1) StandardQuantity orHours2.00 pounds1.00 hours1.00 hours(2)StandardPriceor Rate$16.60 per pound$16.00 per hour$9.40 per hour.TotalStandardVariances ReportedPriceCost*or Rate$498,000 $ 9,280 F$240,000 $ 3,200 U$141,000 $4,800 FQuantity orEfficiency$ 33,200 U$ 16,000 U$ ? UStandardCost(1) x (2)$33.20$16.00$9.40$58.60Return to questionDirect materialsDirect laborVariable manufacturing overhead*Applied to Work in Process during the period.The company's manufacturing overhead cost is applied to production on the basis of direct labor-hours. All of the materials purchasedduring the period were used in production. Work in process inventories are insignificant and can be ignored.Required:1. How many units were produced last period?2. How many pounds of direct material were purchased and used in production?3. What was the actual cost per pound of material? (Round your answer to 2 decimal places.)

Name: Please do not give solution in image format thanku InputsDirect materi
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Description: Please do not give solution in image format thanku InputsDirect materialsDirect laborVariable manufacturing overheadTotal standard cost per unit.(1) StandardQuantity orHours2.00 pounds1.00 hours1.00 hours(2)StandardPriceor Rate$16.60 per pound$16.00

Variance analysis is difference between actual data and budgeted data. Variance analysis includes…

Business

Accounting

Inputs Direct materials Direct labor Variable manufacturing overhead Total standard cost per unit. Direct materials Direct labor Variable manufacturing overhead (1) Standard Quantity or Hours 2.00 pounds 1.00 hours 1.00 hours (2) Standard Price or Rate $16.60 per pound $16.00 per hour $9.40 per hour Variances Reported. Quantity or Efficiency $ 33,200 U $ 16,000 U $ ? U Price Total Standard Cost* $498,000 $9,280 F $240,000 $3,200 U or Rate $141,000 $4,800 F Standard Cost (1) x (2) $33.20 $16.00 $9.40 $58.60 *Applied to Work in Process during the period. The company's manufacturing overhead cost is applied to production on the basis of direct labor-hours. All of the materials purchased during the period were used in production. Work in process inventories are insignificant and can be ignored. Required: 1. How many units were produced last period? 2. How many pounds of direct material were purchased and used in production? 3. What was the actual cost per pound of material? (Round your answer to 2 decimal places.)

Inputs Direct materials Direct labor Variable manufacturing overhead Total standard cost per unit. Direct materials Direct labor Variable manufacturing overhead (1) Standard Quantity or Hours 2.00 pounds 1.00 hours 1.00 hours (2) Standard Price or Rate $16.60 per pound $16.00 per hour $9.40 per hour Variances Reported. Quantity or Efficiency $ 33,200 U $ 16,000 U $ ? U Price Total Standard Cost* $498,000 $9,280 F $240,000 $3,200 U or Rate $141,000 $4,800 F Standard Cost (1) x (2) $33.20 $16.00 $9.40 $58.60 *Applied to Work in Process during the period. The company's manufacturing overhead cost is applied to production on the basis of direct labor-hours. All of the materials purchased during the period were used in production. Work in process inventories are insignificant and can be ignored. Required: 1. How many units were produced last period? 2. How many pounds of direct material were purchased and used in production? 3. What was the actual cost per pound of material? (Round your answer to 2 decimal places.)

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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