Question 1)Crazy Delicious Inc. produces chocolate bars. The primary materials used in producing chocolate bars are cocoa, sugar, and milk. The standard cost for a batch of chocolate (2,880 bars) are as follows:IngredientQuantityPriceCocoa540lbs$0.30 per lb.Sugar150lbs$0.60 per lb.Milk120gal$1.50 per gal.Determine thte standard direct materials cost per bar of chocolate. If required, round to the nearest cent.$_______ per bar__________________________________________________________Question 2) Refer to the picture Standard Product CostAtlas Furniture Company manufactures designer home furniture. Atlas uses a standard cost system. The direct labor, direct materials, and factory overhead standards for an unfinished dining room table are asfollows:Direct labor:standard rate$17.00 per hr.standard time per unit3.5 hrs.Direct materials (oak):standard price$8.50 per bd. ft.standard quantity19 bd. ft.Variable factory overhead:standard rate$3.20 per direct labor hr.Fixed factory overhead:standard rate$0.80 per direct labor hr.a. Determine the standard cost per dining room table. If required, round your answer to two decimal places.per table

Answered: standard direct materials cost per bar…

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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Question 1)

Crazy Delicious Inc. produces chocolate bars. The primary materials used in producing chocolate bars are cocoa, sugar, and milk. The standard cost for a batch of chocolate (2,880 bars) are as follows:

Ingredient	Quantity	Price
Cocoa	540lbs	$0.30 per lb.
Sugar	150lbs	$0.60 per lb.
Milk	120gal	$1.50 per gal.

Determine thte standard direct materials cost per bar of chocolate. If required, round to the nearest cent.

$_______ per bar

__________________________________________________________

Question 2) Refer to the picture

Standard Product Cost
Atlas Furniture Company manufactures designer home furniture. Atlas uses a standard cost system. The direct labor, direct materials, and factory overhead standards for an unfinished dining room table are as
follows:
Direct labor:
standard rate
$17.00 per hr.
standard time per unit
3.5 hrs.
Direct materials (oak):
standard price
$8.50 per bd. ft.
standard quantity
19 bd. ft.
Variable factory overhead:
standard rate
$3.20 per direct labor hr.
Fixed factory overhead:
standard rate
$0.80 per direct labor hr.
a. Determine the standard cost per dining room table. If required, round your answer to two decimal places.
per table

Definition Definition System of assigning an estimated cost to the product (instead of the actual cost) so that the product cost can be determined well in advance and the pricing of the product can be done on time. Since the actual cost cannot be predicted at the initial stage of the production process, the estimated cost is recorded in the books. Any deviation of the estimated cost of the actual cost is adjusted in the books at the end of the period.

Expert Solution

1) Calculation of total standard direct materials cost of 2,880 bars of chocolates

[Note: Since, you have posted multiple questions, we will solve the first question for you. For the remaining question, please re-post the unsolved question.]

Ingredient	Quantity	Price	Total price (Quantity * Price)
Cocoa	540lbs	$0.30 per lb.	540 * $0.30 = $162
Sugar	150lbs	$0.60 per lb.	150 * $0.60 = $90
Milk	120gal	$1.50 per gal.	120 * $1.5 = $180
Total standard direct materials cost of 2,880 bars			$432