Neptune Corp's standard materials cost is $15 (5 pounds x $3). In September, they used 6,200 pounds costing $19,840 to produce 1,500 units.
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- Colonels uses a traditional cost system and estimates next years overhead will be $480,000, with the estimated cost driver of 240,000 direct labor hours. It manufactures three products and estimates these costs: If the labor rate is $25 per hour, what is the per-unit cost of each product?Box Springs. Inc., makes two sizes of box springs: queen and king. The direct material for the queen is $35 per unit and $55 is used in direct labor, while the direct material for the king is $55 per unit, and the labor cost is $70 per unit. Box Springs estimates it will make 4,300 queens and 3,000 kings in the next year. It estimates the overhead for each cost pool and cost driver activities as follows: How much does each unit cost to manufacture?Gent Designs requires three units of part A for every unit of Al that it produces. Currently, part A is made by Gent, with these per-unit costs in a month when 4.000 units were produced: Variable manufacturing overhead is applied at $1.00 per unit. The other $0.30 of overhead consists of allocated fixed costs. Gent will need 6,000 units of part A for the next years production. Cory Corporation has offered to supply 6,000 units of part A at a price of $7.00 per unit. It Gent accepts the offer, all of the variable costs and $1,200 of the fixed costs will be avoided. Should Gent Designs accept the offer from Cory Corporation?
- At the beginning of the year, Craig Company had the following standard cost sheet for one of its plastic products: Direct Materials (5lbs. @ $4.00) $20.00 Direct Labor (2hrs @ $15.00) $30.00 Standard Prime Cost per Unit $50.00 The actual results for the year are as follows: Units produced: 410,000. Materials purchased: 2,075,000 pounds @ $3.95. Materials used: 2,100,000 pounds. Direct labor: 825,000 hours @ $14.85. Questions: Compute price and usage variances for materials.At the beginning of the year, Craig Company had the following standard cost sheet for one of its plastic products: Direct Materials (5lbs. @ $4.00) $20.00 Direct Labor (2hrs @ $15.00) $30.00 Standard Prime Cost per Unit $50.00 The actual results for the year are as follows: Units produced: 410,000. Materials purchased: 2,075,000 pounds @ $3.95. Materials used: 2,100,000 pounds. Direct labor: 825,000 hours @ $14.85. Questions: Compute the labor rate and labor efficiency variances, using both the formula and columnar approaches.At the beginning of the year, Craig Company had the following standard cost sheet for one of its plastic products: Direct materials (5 lbs. @ $4.00) Direct labor (2 hrs. @ $15.00) Standard prime cost per unit The actual results for the year are as follows: a. Units produced: 380,000. b. Materials purchased: 2,660,000 pounds @ $4.80. c. Materials used: 2,242,000 pounds. d. Direct labor: 684,000 hours @ $11.52. Required: Labor rate variance 1. Compute price and usage variances for materials. Enter amounts as positive numbers and select Favorable or Unfavorable. 1,793,600 X Labor efficiency variance $20.00 Material price variance Material usage variance 2. Compute the labor rate and labor efficiency variances. Enter amounts as positive numbers and select Favorable or Unfavorable. $ 30.00 $ $50.00
- In May, Seville Chemicals produced 26,000 barrels of the additive. Labor costs were $16,400, and manufacturing overhead was $326,000. The cost per barrel was $15.90. Required: What was the materials cost in May?At the beginning of the year, Craig Company had the following standard cost sheet for one of its plastic products: Direct materials (5 lbs. @ $4.00) $20.00 Direct labor (2 hrs. @ $15.00) 30.00 Standard prime cost per unit $50.00 The actual results for the year are as follows: Units produced: 490,000. Materials purchased: 3,430,000 pounds @ $5.00. Materials used: 3,087,000 pounds. Direct labor: 1,078,000 hours @ $11.88. Required: 1. Compute price and usage variances for materials. Enter amounts as positive numbers and select Favorable or Unfavorable. Material price variance $fill in the blank 1 Material usage variance $fill in the blank 3 2. Compute the labor rate and labor efficiency variances. Enter amounts as positive numbers and select Favorable or Unfavorable. Labor rate variance $fill in the blank 5 Labor efficiency variance $fill in the blank 7Richard Inc. expects to sell 28,000 units. Each unit requires 4 pounds of direct materials at $15 per pound and 3 direct labor hours at $12 per direct labor hour. The overhead rate is $9 per direct labor hour. The beginning inventories are as follows: direct materials, 2,500 pounds; finished goods, 3,100 units. The planned ending inventories are as follows: direct materials, 4,000 pounds; finished goods, 3,200 units. What is the planned production?
- At the beginning of the year, Craig Company had the following standard cost sheet for one of its plastic products: Direct materials (5 lbs. @ $4.00) $20.00 Direct labor (2 hrs. @ $15.00) 30.00 Standard prime cost per unit $50.00 The actual results for the year are as follows: Units produced: 400,000. Materials purchased: 2,060,000 pounds @ $3.95. Materials used: 2,100,000 pounds. Direct labor: 825,000 hours @ $14.85. Required: 1. Compute price and usage variances for materials. Enter amounts as positive numbers and select Favorable or Unfavorable. Material price variance $fill in the blank 1 Favorable Material usage variance $fill in the blank 3 Unfavorable 2. Compute the labor rate and labor efficiency variances. Enter amounts as positive numbers and select Favorable or Unfavorable. Labor rate variance $fill in the blank 5 Favorable Labor efficiency variance $fill in the blank 7 UnfavorableThe standard cost of product B manufactured by Blue Spruce Company includes 3 units of direct materials at $5.25 per unit. During June, the company purchases 29,000 units of direct materials at a cost of $4.94 per unit and uses 29,000 units of direct materials to produce 9,500 units of product B.At the beginning of the year, Craig Company had the following standard cost sheet for one of its plastic products: Direct materials (5 lbs. @ $4.00) $20.00 Direct labor (2 hrs. @ $15.00) 30.00 Standard prime cost per unit $50.00 The actual results for the year are as follows: Units produced: 500,000. Materials purchased: 3,500,000 pounds @ $4.75. Materials used: 2,950,000 pounds. Direct labor: 1,100,000 hours @ $13.44. Compute price and usage variances for materials. Enter amounts as positive numbers and select Favorable or Unfavorable. Compute the labor rate and labor efficiency variances. Enter amounts as positive numbers and select Favorable or Unfavorable