Required information[The following information applies to the questions displayed below.]A manufactured product has the following information for June.Direct materialsDirect laborOverheadUnits manufacturedStandard Quantity and Cost7 pounds @ $8 per pound3 DLH @ $16 per DLH3 DLH @ $12 per DLHActual Results62,900 pounds @ $8.20 per pound26,500 hours @ $16.50 per hour8,900 units$ 325,700Compute the (1) direct labor rate variance and (2) direct labor efficiency variance. (Indicate the effect of each variance by selectingfavorable, unfavorable, or no variance. Round "Rate per hour" answers to 2 decimal places.)AH Actual HoursSHStandard HoursStandard RateAR Actual RateSRActual CostG< Prev8of 8NextStandard Cost

Direct labor rate variance = (AH x AR) - (AH x SR)= (26,500 x $16.50) - (26,500 x $16.00)= ($437,250…

Answered: Required information [The following…

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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added when the units are one-half completed. Labor and factory overhead are applied evenly during the process. Make the following computations for each case: a. Unit cost of materials, labor, and factory overhead for the month b. Cost of the units finished and transferred during the month Cost of the units in process at the end of the month C. E6-4 Calculating equivalent units Conte Chemnical Co. uses the weighted average cost method. All materials are added at the start of the production process. Labor and overhead are added evenly at the same rate throughout the process. Conte's records indicate the following data for May: Beginning work in process, May 1 (50% completed). Started in May..... 1,000 units 5,000 units Completed and transferred 4,000 units Ending work in process, on May 31, is 75% completed as to labor and factory overhead. Make the following calculations: a. Equivalent units for direct materials b. Equivalent units for labor and overhead (Hìnt first determine the ending…
Required information [The following information applies to the questions displayed below.] A manufactured product has the following information for June. Standard 5 lbs. @ $7 per lb. 2 hrs. @ $16 per hr. 2 hrs. @ $11 per hr. Actual Direct materials 44,500 lbs. @ $7.10 per lb. 17,400 hrs. @ $16.50 per hr. $200,200 8,800 Direct labor Overhead Units manufactured (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 standard cost per unit. Direct materials Direct labor Overhead Total
Q39 Machine Builders Incorporated adopted a standard cost system several years ago that it uses in conjunction with its process cost system. The per-unit standard costs for direct materials and direct labor for its single product are as follows: Materials:(5 kilograms × $9 per kilogram) $ 45 Labor:(4 hours × $21 per hour) $ 84 All materials are issued at the beginning of processing. The operating data shown below were taken from the records for July: In-process beginning inventory none In-process ending inventory—90% complete as to labor 1,000 units Units completed during the month 7,900 units Budgeted output 8,600 units Purchases of materials, in kilograms (AQ) 24,000 Total actual labor costs incurred $ 520,000 Direct labor hours worked (AQ) 27,000 hours Materials purchase-price variance $ 3,200 unfavorable Increase in materials inventory in July 1,900 kilograms Beginning inventory of materials 0 kilogram The actual total cost of direct…
A manufactured product has the following information for June. Standard Actual Direct materials 5 lbs. @ $8 per lb. 41,000 lbs. @ $8.10 per lb. Direct labor 2 hrs. @ $15 per hr. 15,900 hrs. @ $15.40 per hr. Overhead 2 hrs. @ $12 per hr. $ 201,200 Units manufactured 8,100 (1) Compute the standard cost per unit.(2) Compute the total cost variance for June.
ces [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 6 pounds @ $8 per pound 3 DLH @$16 per DLH. 3 DLH $12 per DLH Actual Results 52,800 pounds @ $8.10 per pound 25,800 hours @ $16.60 per hour $ 318,500 8,700 units (1) Prepare the standard cost card showing standard cost per unit. (2) Compute total budgeted cost for June production. (3) Compute total actual cost for June production. (4) Compute total cost variance for June. Complete this question by entering your answers in the tabs below. Required Required 2 Required 3 Required 4 Prepare the standard cost card showing standard cost per unit. Direct materials Direct labor Overhead Total Required 1 Required 2 >
Marigold Company has the following equivalent units of production for July: materials 23240 and conversion costs 18500. Production cost data are: Work in process, July 1 Costs added in July Materials $2.50 $2.50 $2.28 Materials Conversion The unit production costs for July are: $2.28 $5100 53000 Conversion Costs $2.22 $2.40 $2.40 $3400 $2.22 41000
Hardev
! Required information Use the following information for the Exercises below. (Algo) [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 @ $9 per pound 3 DLH @ $17 per DLH 3 DLH @ $13 per DLH Actual Results 59,200 pounds @ $9.10 per pound 25,000 hours @ $17.60 per hour $ 334,000 8,400 units Exercise 21-8 (Algo) Standard cost per unit, total budgeted and actual costs, and total cost variance LO P2 (1) Prepare the standard cost card showing standard cost per unit. (2) Compute total budgeted cost for June production. (3) Compute total actual cost for June production. (4) Compute total cost variance for June. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Compute total budgeted cost for June production. Total budgeted (standard) cost
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The charges to Work in Process-Assembly Department for a period, together with information concerning production, are as follows. All direct materials are placed in process at the beginning of production. Work in Process-Assembly Department Bal., 9,000 units, 70% completed Direct materials, 212,000 units @ $1.8 Direct labor Factory overhead Bal. ? units, 50% completed 28,800 381,600 314,000 122,170 a. Based on the above data, determine the different costs listed below. If required, round your interim calculations to two decimal places. To Finished Goods, 207,000 units 1. Cost of beginning work in process inventory completed this period. 2. Cost of units transferred to finished goods during the period. 3. Cost of ending work in process inventory. 4. Cost per unit of the completed beginning work in process inventory, rounded to the nearest cent. $ 0.0.0.0 $ ?
Just trying to figure out the standard hours!

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