Kansas Company uses a standard cost accounting system. In 2020, the company produced 28,000 units. Each unit took several pounds of direct materials and 1.6 standard hours of direct labor at a standard hourly rate of $12.00. Normal capacity was 50,000 direct labor hours. During the year, 117,000 pounds of raw materials were purchased at $0.92 per pound. All materials purchased were used during the year. Using one or more answers above, what were the total costs assigned to work in process? (Round standard cost per unit to 2

Kansas Company uses a standard cost accounting system. In 2020, the company produced 28,000 units. Each unit took several pounds of direct materials and 1.6 standard hours of direct labor at a standard hourly rate of $12.00. Normal capacity was 50,000 direct labor hours. During the year, 117,000 pounds of raw materials were purchased at $0.92 per pound. All materials purchased were used during the year. Using one or more answers above, what were the total costs assigned to work in process? (Round standard cost per unit to 2

Name: Kansas Company uses a standard costaccounting system. In 2020, the co
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Description: Kansas Company uses a standard costaccounting system. In 2020, the companyproduced 28,000 units. Each unit tookseveral pounds of direct materials and 1.6standard hours of direct labor at a standardhourly rate of $12.00. Normal capacity was50,000 dir

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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