Prepare a standard cost card for a baseball bat for BatCo. (Round your final answers to 2 decimal places.) Inputs Direct materials Direct labor Overhead Standard quantity or hours pounds DLH DLH Standard price or rate Standard cost per unit

Prepare a standard cost card for a baseball bat for BatCo. (Round your final answers to 2 decimal places.) Inputs Direct materials Direct labor Overhead Standard quantity or hours pounds DLH DLH Standard price or rate Standard cost per unit

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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! Required information [The following information applies to the questions displayed below.] BatCo makes baseball bats. Each bat requires 1.00 pounds of wood at $22 per pound and 0.30 direct labor hour at $20 per hour. Overhead is assigned at the rate of $40 per direct labor hour. Prepare a standard cost card for a baseball bat for BatCo. (Round your final answers to 2 decimal places.) Inputs Direct materials Direct labor Overhead Standard quantity or hours pounds DLH DLH Standard price or rate Standard cost per unit
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Rough Stuff makes 2 products: khaki shorts and khaki pants for men. Each product passes through the cutting machine area, which is the chief constraint during production. Khaki shorts take 15 minutes on the cutting machine and have a contribution margin per pair of shorts of $17. Khaki pants take 24 minutes on the cutting machine and have a contribution margin per pair of pants of $34. If it is assumed that Rough Stuff has 4,860 hours available on the cutting machine to service a minimum demand for each product of 2,600 units, how many of each product should be made? Khaki shorts pairs Khaki pants pairs
Summer company manufactures beach chairs. $ 4.00 of direct materials are needed for each chair. Labor is $ 15 an hour. The company manufactures 3 chairs per hour. Indirect costs are $ 9.00 per hour. Commissions to sellers are $ 2.00 per unit sold. The cost of a chair will be:
Marvel Parts, Incorporated, manufactures auto accessories including a set of seat covers that can be adjusted to fit most cars. According to its standards, the factory should work 1,075 hours each month to produce 2,150 sets of seat covers. The standard costs associated with this level of production are: Total Direct materials $ 54,825 Direct labor $ 10,750 Per Set of Covers $ 25.50 5.00 Variable manufacturing overhead (based on direct labor-hours) $ 5,375 2.50 $ 33.00 During August, the factory worked 800 direct labor-hours and produced 2,500 sets of covers. The following actual costs were recorded during the month: Total Direct materials (12,500 yards) Direct labor $ 58,750 $ 13,000 Variable manufacturing overhead $ 7,000 Per Set of Covers $ 23.50 5.20 2.80 $ 31.50 At standard, each set of covers should require 3.0 yards of material. All of the materials purchased during the month were used in production. Required: 1. Compute the materials price and quantity variances for August. 2.…
Cozy, Inc., manufactures small and large blankets. It estimates $389,225 in overhead during the manufacturing of 97,902 small blankets and 73,121 large blankets. What is the predetermined overhead rate per machine hour if a small blanket takes 7 machine hour and a large blanket takes 9 machine hours? Round to the nearest penny, two decimal places.
Your Brother's Company manufactures lights. Each light uses $15 in direct materials and $5 in direct labor per unit. Way has two activities: Machining, which is applied at the rate of $3 per machine hour, and Finishing, which is applied at the rate of $16 per batch. This month, Way made 250 lights, using 1,500 machine hours in 47 batches. What is the total manufacturing cost for one light? O $21 O $36 $41 O $26
Use the information provided to calculate standard costs: To make one switch it takes 20 feet of plastic-coated copper wire and 0.3 pounds of plastic material. The plastic material can usually be purchased for $15 per pound, and the wire costs $2.99 per foot. The labor necessary to assemble a switch consists of two types. The first type of labor is assembly, which takes 3.4 hours. These workers are paid $28 per hour. The second type of labor is fınishing, which takes 2.4 hours. These workers are paid $26 per hour. Overhead is applied using labor hours. The variable overhead rate is $14.35 per labor hour. The fixed overhead rate is $15.42 per hour. What is the total standard cost for manufacturing overhead? Round to the nearest penny, two decimal places.
Rough Stuff makes 2 products: khaki shorts and khaki pants for men. Each product passes through the cutting machine area, which is the chief constraint during production. Khaki shorts take 15 minutes on the cutting machine and have a contribution margin per pair of shorts of $17. Khaki pants take 24 minutes on the cutting machine and have a contribution margin per pair of pants of $34. If it is assumed that Rough Stuff has 4,800 hours available on the cutting machine to service a minimum demand for each product of 3,000 units, how much will profits increase if 88 more hours of machine time can be obtained? $????
Anemone Company produces picture frames. During the year, 200,000 picture frames were produced. Materials and labor standards for producing the picture frames are as follows: Direct materials (2 pieces of wood @ $3) $6.00 Direct labor (2 hours @ $12) $24.00 Anemone purchased and used 600,000 pieces of wood at $4.00 each, and its actual labor hours were 320,000 hours at a wage rate of $13. What is Anemone's labor rate variance? a. $450,000 F b. $320,000 U c. $445,000 U d. $660,500 F
PPP, Inc. manufactures teddy bears and dolls. Currently, PPP makes 2,000 teddy bears each month. Each teddy bear uses $2.00 in direct materials and $0.50 in direct labor. PPP uses two activities in manufacturing the teddy bears: Sewing and Processing. The cost associated with Sewing is $15,00o a month, allocated on the basis of direct labor hours. The cost associated with Processing is $10,00o a month, allocated on the basis of batches. Teddy bears use 1/2 of the direct labor hours, and 35% of total batches. What is the total manufacturing cost for one teddy bear? Select one: a. $7.00 b. $2.50 C. $4.50 d. $8.00
Rough Stuff makes 2 products: khaki shorts and khaki pants for men. Each product passes through the cutting machine area, which is the chief constraint during production. Khaki shorts take 15 minutes on the cutting machine and have a contribution margin per pair of shorts of $15. Khaki pants take 24 minutes on the cutting machine and have a contribution margin per pair of pants of $30. If it is assumed that Rough Stuff has 4,800 hours available on the cutting machine to service a minimum demand for each product of 3,000 units, how much will profits increase if 82 more hours of machine time can be obtained?