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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.

Principles of Accounting Volume 2
Principles of Accounting Volume 2
19th Edition
ISBN:9781947172609
Author:OpenStax
Publisher:OpenStax
Chapter5: Process Costing
Section: Chapter Questions
Problem 2PB: The following product costs are available for Kellee Company on the production of eyeglass frames:...
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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.
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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