### 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…

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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Required information [The following information applies to the questions displayed below.] A manufactured product has the following information for June. Direct materials Direct labor Overhead Units manufactured Standard Quantity and Cost 7 pounds @ $8 per pound 3 DLH @ $15 per DLH 3 DLH @$13 per DLH Actual Results 62,100 pounds @ $8.10 per pound 26,000 hours @ $15.50 per hour $ 349,600 8,800 units Compute the (1) direct labor rate variance and (2) direct labor efficiency variance. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "Rate per hour" answers to 2 decimal places.) AH = Actual Hours SH=Standard Hours AR = Actual Rate SR Standard Rate Actual Cost $ 0 $ 00 0 0 $ 0 Standard Cost
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Required information [The following information applies to the questions displayed below.] A manufactured product has the following information for June. Standard Actual 49, 200 lbs. @ $7.10 per lb. 16,000 hrs. @ $16.50 per hr. $183,400 Direct materials 6 lbs. @ $7 per lb. Direct labor 2 hrs. @ $16 per hr. Overhead Units manufactured 2 hrs. @ $11 per hr. 8,100 (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
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Assume the following information appears in the standard cost card for a company that makes only one product: Standard Quantity or Hours Standard Price or Rate Standard Cost Direct materials 5 pounds $ 11.00 per pound $ 55.00 Direct labor 2 hours $ 17.00 per hour $ 34.00 Variable manufacturing overhead 2 hours $ 3.80 per hour $ 7.60 During the most recent period, the following additional information was available: 20,000 pounds of material was purchased at a cost of $10.50 per pound. All of the material that was purchased was used to produce 3,900 units. 8,000 direct labor-hours were recorded at a total cost of $132,000. The actual variable overhead cost incurred during the period was $25,000. Assuming the company uses direct labor-hours to compute its predetermined overhead rate, what is the variable overhead efficiency variance?
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Prince Rupert company manufactures product A. B, C and D. Data for the year ended Dec 31, 2021, is as follows. Product Units/ Production Production run Cost of material per unit ($) Direct labourhours required per unit Machine hours required per unit A 20 3 80 2 1 B 40 4 60 5 8 C 45 6 70 7 5 D 120 12 65 9 3 Cost of Direct labor per hour: $ 6 Overhead costs for Prince Rupert company. Set up cost $ 12,000 Handling material cost $ 6,000 Scheduling costs $ 14,000 i. Using the peanut butter costing approach, calculate the cost per unit. (use Direct labor hours as a basis of allocation) ii. Using ABC Costing, calculate the cost per unit. Please justify why you choose that allocation base. iii. Show the difference of cost per unit using peanut butter and ABC costing