Question:546 Huron Company produces a commercial cleaning compound known as Zoom. The direct materials and direct labor standards for one unit of Zoom are given below: Standard Quantity or Hours Standard Price or Rate Standard Cost Direct 4.6 pounds $2.50 per pound $11.50 Direct labor 0.2 hours $18 per hour $2.40 During the most recent month, the following activity was recorded a. Twenty thousand pounds of material were purchased at a cost of $2.35 per pound.b. The company produced only 3,000 units, using 14,750 pounds of material. (The rest of the material purchased remained in the raw materials inventory)c. 750 hours of direct labor time were recorded at a total labor cost of $14,925.Required:Compute the materials price and quantity variances for the month. Cost data for Disksan Manufacturing Company for the month ended January 31 are as follows: Inventories January 1 January 31 Materials $ 2,28,000 $1,98,360 Work in process $ 1,57,320 $ 1,36,870 Finished goods $ 1,16,280 $1,32,900 Direct labor $4,10,400 Materials purchased during January $ 4,37,760 Factory overhead incurred during January: Indirect labor $ 43,780 Machinery depreciation Heat, light, and power $26,450 $9,120 Supplies $ 7,300 Property taxes $ 6,380 Miscellaneous costs $ 11,860 a. Prepare a cost of goods manufactured statement for January. b. Determine the cost of goods sold for January.
Question:546 Huron Company produces a commercial cleaning compound known as Zoom. The direct materials and direct labor standards for one unit of Zoom are given below: Standard Quantity or Hours Standard Price or Rate Standard Cost Direct 4.6 pounds $2.50 per pound $11.50 Direct labor 0.2 hours $18 per hour $2.40 During the most recent month, the following activity was recorded a. Twenty thousand pounds of material were purchased at a cost of $2.35 per pound.b. The company produced only 3,000 units, using 14,750 pounds of material. (The rest of the material purchased remained in the raw materials inventory)c. 750 hours of direct labor time were recorded at a total labor cost of $14,925.Required:Compute the materials price and quantity variances for the month. Cost data for Disksan Manufacturing Company for the month ended January 31 are as follows: Inventories January 1 January 31 Materials $ 2,28,000 $1,98,360 Work in process $ 1,57,320 $ 1,36,870 Finished goods $ 1,16,280 $1,32,900 Direct labor $4,10,400 Materials purchased during January $ 4,37,760 Factory overhead incurred during January: Indirect labor $ 43,780 Machinery depreciation Heat, light, and power $26,450 $9,120 Supplies $ 7,300 Property taxes $ 6,380 Miscellaneous costs $ 11,860 a. Prepare a cost of goods manufactured statement for January. b. Determine the cost of goods sold for January.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:Question:546
Huron Company produces a commercial cleaning compound known as
Zoom. The direct materials and direct labor standards for one unit of
Zoom are given below:
Standard Quantity or
Hours
Standard Price or
Rate
Standard
Cost
Direct
4.6 pounds
$2.50 per pound
$11.50
Direct labor
0.2 hours
$18 per hour
$2.40
During the most recent month, the following activity was recorded
a. Twenty thousand pounds of material were purchased at a cost of
$2.35 per pound.b. The company produced only 3,000 units, using
14,750 pounds of material. (The rest of the material purchased
remained in the raw materials inventory)c. 750 hours of direct labor time
were recorded at a total labor cost of $14,925.Required:Compute the
materials price and quantity variances for the month.
Cost data for Disksan Manufacturing Company for the month ended
January 31 are as follows:
Inventories
January 1
January 31
Materials
$ 2,28,000
$1,98,360
Work in process
$ 1,57,320
$ 1,36,870
Finished goods
$ 1,16,280
$1,32,900
Direct labor
$4,10,400
Materials purchased during January
$ 4,37,760
Factory overhead incurred during January:
Indirect labor
$ 43,780
Machinery depreciation
Heat, light, and power
$26,450
$9,120
Supplies
$ 7,300
Property taxes
$ 6,380
Miscellaneous costs
$ 11,860
a. Prepare a cost of goods manufactured statement for January.
b. Determine the cost of goods sold for January.
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