Oriole 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, Oriole Labs must constantly monitor and control its testing costs. Shown below are the standard costs for a typical test. Direct materials (2 test tubes @ $1.80 per tube) Direct labor (1 hour @ $32 per hour) Variable overhead (1 hour @ $7.00 per hour) Fixed overhead (1 hour @ $12.00 per hour) Total standard cost per test Direct materials (2,520 test tubes) Direct labor (1,248 hours) Variable overhead Fixed overhead $4,284 38,688 7,068 $3.60 32.00 7.00 The lab does not maintain an inventory of test tubes. As a result, the tubes purchased each month are used that month. Actual activit for the month of November 2022, when 1,200 tests were conducted, resulted in the following. 14,940 12.00 $54.60 Monthly budgeted fixed overhead is $16,320. Revenues for the month were $79,200, and selling and administrative expenses were $4,000.

Oriole 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, Oriole Labs must constantly monitor and control its testing costs. Shown below are the standard costs for a typical test. Direct materials (2 test tubes @ $1.80 per tube) Direct labor (1 hour @ $32 per hour) Variable overhead (1 hour @ $7.00 per hour) Fixed overhead (1 hour @ $12.00 per hour) Total standard cost per test Direct materials (2,520 test tubes) Direct labor (1,248 hours) Variable overhead Fixed overhead $4,284 38,688 7,068 $3.60 32.00 7.00 The lab does not maintain an inventory of test tubes. As a result, the tubes purchased each month are used that month. Actual activit for the month of November 2022, when 1,200 tests were conducted, resulted in the following. 14,940 12.00 $54.60 Monthly budgeted fixed overhead is $16,320. Revenues for the month were $79,200, and selling and administrative expenses were $4,000.

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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