Lily Company uses a standard cost accounting system. In 2025, the company produced 28,300 units. Each unit took several pounds ofdirect materials and 1.6 standard hours of direct labor at a standard hourly rate of $13.00. Normal capacity was 49,900 direct laborhours. During the year, 131,200 pounds of raw materials were purchased at $0.94 per pound. All materials purchased were usedduring the year.(a)Your answer is correct.If the materials price variance was $1,312 favorable, what was the standard materials price per pound? (Round answer to 2 decimalplaces, e.g. 2.75.)Standard materials price per pound $(b)eTextbook and Media* Your answer is incorrect.0.95Standard materials quantity per unitIf the materials quantity variance was $17,100 unfavorable, what was the standard materials quantity per unit?Attempts: 1 of 5 used-5.3 pounds

The variance is the difference between the actual and standard production data. The variance can be…

Answered: Lily Company uses a standard cost…

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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During March of the current year, Rolly Company purchased P3,500,000 raw materials. During the month, Reyes incurred P2,040,000 direct labor cost and applied 80% of direct labor cost. During the same month, there were changes in inventories as follows: Increase in raw materials P100,000; Decrease in work in process P150,000 and decrease in finished goods 75,000. If the goods available for sale is P7,500,000, what is the amount of finished goods at March 1? a.P203,000 b.P278,000 c.P 0 d.P 75,000
Can you show me how this is done? Porter Manufacturing Company uses a standard cost accounting system. In 2011, the company produced 28,000 units. Each unit took several pounds of direct materials and 2 standard hours of direct labor at a standard hourly rate of $12.00. Normal capacity was 50,000 direct labor hours. During the year, 53,965 pounds of raw materials were purchased at $1.3 per pound. All materials purchased were used during the year. If the materials price variance was $4,649 favorable, what was the standard materials price per pound? Selected Answer: 8,643 Correct Answer: 1.39 ± 0.01
Harris Company manufactures and sells a single product. A partially completed schedule of the company's total costs and costs per unit over the relevant range of 53,000 to 93,000 units is given below: Required: 1. Complete the schedule of the company's total costs and costs per unit as given in the relevant tab below. 2. Assume that the company produces and sells 83,000 units during the year at a selling price of $9.29 per unit. Prepare a contribution format income statement for the year. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 1 Complete the schedule of the company's total costs and costs per unit as given in the relevant tab below. (Round the per unit variable cost and fixed cost to 2 decimal places.) Total cost Variable cost Fixed cost Total cost Cost por unit: Required 2 Variable cost Fixed cost Total cost per unit 53,000 Units Produced and Sold $ S $ Required 1 Required 2 73,000 Units Produced and Sold 185,500 350,000…
During the coming accounting year, Baker Manufacturing, Inc., anticipates the following costs, expenses, and operating data: Direct material (16,000 lb.) $70,000 Direct labor (@ $20/hr.) $20,000 Factory administration $15,000 Indirect labor $10,000 Indirect material $14,000 Non factory administrative expenses $16,000 Other manufacturing overhead $15,000 Maintenance of factory machine $20,000 Sales commissions $70,000 Direct labor hours 2,000 Machine hours 8,000 Calculate the predetermined manufacturing overhead rate for the coming year using direct labor hour as the allocation base. Round your answer to two decimal places when applicable.
H6. Broduer Aquatics manufactures swimming pool equipment. Broduer estimates total manufacturing overhead costs next year to be $2,500,000 The company also estimates it will use 50,000 direct labour hours and incur $1,000,000 of direct labour cost next year. In addition, the machines are expected to be run for 30,000 hours. Compute the predetermined manufacturing overhead rate for next year under the following independent situations: 1. Assume that Brodeur uses direct labour hours as its manufacturing overhead allocation base. 2. Assume that Brodeur suses direct labour cost as its manufacturing overhead allocation base. 3. Assume that Brodeur uses machine hours as its manufacturing allocation base
Wana ans
Use this information for Timmer Corporation to answer the question that follows. Timmer Corporation just started business in January. There were no beginning inventories. During the year, it manufactured 11,700 units of product and sold 8,000 units. The selling price of each unit was $25. Variable manufacturing costs were $3 per unit, and variable selling and administrative costs were $4 per unit. Fixed manufacturing costs were $23,400 and fixed selling and administrative costs were $7,900. What would Timmer's income from operations be for the year using absorption costing? O a. $120,100 b. $128,000 c. $96,080 Od. $144,000
Whipple Company has sales revenue of $585,000. Cost of goods sold before adjustment is $335,000. The company uses machine hours to allocate manufacturing overhead and estimated 10,450 machine hours would be used during the year. For the year, manufacturing overhead was under-allocated by $13,400. The company's actual manufacturing overhead is $91,000. What is the actual gross profit? Select one: a. $250,000 b. $159,000 c. $236,600 d. $104,400 e. $263,400
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