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ours 3 pounds 2 hours 2 hours Standard Price or Rate $ 13.00 per pound $ 16.00 per hour $ 8.00 per hour supplier at a cost of $12.50 per pound. The company us finished goods during the period. Its direct laborers wa mation, the total manufacturing cost transferred from Wa

ours 3 pounds 2 hours 2 hours Standard Price or Rate $ 13.00 per pound $ 16.00 per hour $ 8.00 per hour supplier at a cost of $12.50 per pound. The company us finished goods during the period. Its direct laborers wa mation, the total manufacturing cost transferred from Wa

FINANCIAL ACCOUNTING
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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Assume that a company makes only one product, maintains no beginning or ending inventories, and uses a standard costing system. The standard cost card for that product is shown below: Direct materials Direct labor. Fixed manufacturing overhead Multiple Choice O $678,600. O $647,800 The company purchased 22,000 pounds of direct materials from its supplier at a cost of $12.50 per pound. The company used 22,000 pounds of direct material to start and complete 7,800 units of finished goods during the period. Its direct laborers worked 16,000 hours and were paid a total of $248,000. Based on this information, the total manufacturing cost transferred from Work in Process to Finished Goods would be: $667,400 Standard Quantity or Hours 3 pounds 2 hours 2 hours $654,700 Standard Price or Rate $ 13.00 per pound $ 16.00 per hour $ 8.00 per hour Standard. Cost $39.00 $ 32.00 $ 16.00
Transcribed Image Text:Assume that a company makes only one product, maintains no beginning or ending inventories, and uses a standard costing system. The standard cost card for that product is shown below: Direct materials Direct labor. Fixed manufacturing overhead Multiple Choice O $678,600. O $647,800 The company purchased 22,000 pounds of direct materials from its supplier at a cost of $12.50 per pound. The company used 22,000 pounds of direct material to start and complete 7,800 units of finished goods during the period. Its direct laborers worked 16,000 hours and were paid a total of $248,000. Based on this information, the total manufacturing cost transferred from Work in Process to Finished Goods would be: $667,400 Standard Quantity or Hours 3 pounds 2 hours 2 hours $654,700 Standard Price or Rate $ 13.00 per pound $ 16.00 per hour $ 8.00 per hour Standard. Cost $39.00 $ 32.00 $ 16.00
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