### Required Information**[The following information applies to the questions displayed below.]**A manufactured product has the following information for June:| | Standard | Actual ||--------------------|-------------------------------|--------------------------------------|| Direct materials | 5 lbs. @ $7 per lb. | 44,500 lbs. @ $7.10 per lb. || Direct labor | 2 hrs. @ $16 per hr. | 17,400 hrs. @ $16.50 per hr. || Overhead | 2 hrs. @ $11 per hr. | $200,200 || Units manufactured | | 8,800 |1. **Compute the standard cost per unit.**2. **Compute the total cost variance for June.**Complete this question by entering your answers in the tabs below.**Required 1****Required 2**Compute the total cost variance for June. *(Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance.)***Total cost variance:** ```[Text Box for Entry]``` **< Required 1** **Required 2 >** ### Required Information[The following information applies to the questions displayed below.]A manufactured product has the following information for June:| | Standard | Actual ||-----------------------------|--------------------------------|--------------------------------------|| **Direct materials** | 5 lbs. @ $7 per lb. | 44,500 lbs. @ $7.10 per lb. || **Direct labor** | 2 hrs. @ $16 per hr. | 17,400 hrs. @ $16.50 per hr. || **Overhead** | 2 hrs. @ $11 per hr. | $200,200 || **Units manufactured** | | 8,800 |1. **Compute the standard cost per unit.**2. **Compute the total cost variance for June.**Complete this question by entering your answers in the tabs below.#### Required 1**Compute the standard cost per unit.**| Direct materials | ||------------------|-------------|| Direct labor | || Overhead | || Total | |Navigate between "Required 1" and "Required 2" to complete each calculation.

Standard Cost per unit: A predetermined dollar amount that one unit of a finished product should cost during an accounting period. Total cost variance: The total cost variance is equal to the difference between actual costs and budgeted costs. If actual costs are higher than budgeted costs, there is an unfavorable variance. If actual costs are less than budgeted costs, such variance is favorable.Requirement 1: Calculation Standard cost Direct material 5 lb * $7 per lbs $35 per unit Direct labor 2 hours * $16 per hours $32 per unit Overheads 2 hours * $11 per hour $22 per unit Total Cost $89 per unitRequirement 2: Calculation Actual cost per unit Direct material 44500 lbs / 8800 units = 5.0568 lb * $7.10 per lbs $35.9034 Direct labor 17,400 hours / 8,800 units = 1.977 hours * $16.50 per hour $32.625 Overheads $200,200 / 8,800 units $22.75 Total cost $91.2784 Actual cost = $91.2784 * 8,800 units = $803,250 (rounded off) Standard cost = $89 * 8,800 units = $783,200 Total cost variance = Actual cost - Standard cost = $803,250 - $783,200 = $20,050 Unfavorable

Business

Accounting

Required information [The following information applies to the questions displayed below.] A manufactured product has the following information for June. Standard 5 lbs. e $7 per lb. 2 hrs. @ $16 per hr. 2 hrs. e $11 per hr. Actual Direct materials Direct labor Overhead Units manufactured 44,500 lbs. e $7.10 per lb. 17,400 hrs. @ $16.50 per hr. $200,200 8,800 (1) Compute the standard cost per unit. (2) Compute the total cost variance for June.

Required information [The following information applies to the questions displayed below.] A manufactured product has the following information for June. Standard 5 lbs. e $7 per lb. 2 hrs. @ $16 per hr. 2 hrs. e $11 per hr. Actual Direct materials Direct labor Overhead Units manufactured 44,500 lbs. e $7.10 per lb. 17,400 hrs. @ $16.50 per hr. $200,200 8,800 (1) Compute the standard cost per unit. (2) Compute the total cost variance for June.

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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