Standard Price or Rate P6.00 per meter Direct Materials Direct Labor Variable Factory Overhead P3.00 per direct labor hour Factory overhead is applied to production based on direct labor hours. Dur he month of February, 5,000 units were produced and sold to customers. ollowing are the selected production data for the month: Direct Labor P52,500 Variab Materials used P84,000 P75,000 P6,000 U FOH Standard Cost allowed Actual cost incurred Materials Quantity variance Actual direct labor hours Standard FOH rate per direct labor hour Standard Price per meter P21,00 P18,00 7,500 hours P3.00/ P6.00 /m.

Standard Price or Rate P6.00 per meter Direct Materials Direct Labor Variable Factory Overhead P3.00 per direct labor hour Factory overhead is applied to production based on direct labor hours. Dur he month of February, 5,000 units were produced and sold to customers. ollowing are the selected production data for the month: Direct Labor P52,500 Variab Materials used P84,000 P75,000 P6,000 U FOH Standard Cost allowed Actual cost incurred Materials Quantity variance Actual direct labor hours Standard FOH rate per direct labor hour Standard Price per meter P21,00 P18,00 7,500 hours P3.00/ P6.00 /m.

Name: Standard Price or RateP6.00 per meterDirect MaterialsDirect LaborVari
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Description: Standard Price or RateP6.00 per meterDirect MaterialsDirect LaborVariable Factory OverheadP3.00 per direct labor hourFactory overhead is applied to production based on direct labor hours. Duringthe month of February, 5,000 units were produced and so

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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Assume the following information appears in the standard cost card for a company that makes only one product: Standar Quantity or Hours Standar Price or Rate Standard Cost Direct materials 5 pounds $ 11.00 per pound $ 55.00 Direct labor 2 hours $ 16.90 per hour $ 33.80 Variable manufacturing overhead 2 hours $ 3.00 per hour $ 6.00 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. What is the direct labor rate variance?
Prime Cost, Conversion Cost, Preparation of Income Statement: Manufacturing Firm Kildeer Company makes easels for artists. During the last calendar year, a total of 34,000 easels were made, and 35,000 were sold for $52 each. The actual unit cost is as follows: Direct materials Direct labor Variable overhead Fixed overhead Total unit cost Required: $15.00 6.00 Ending units Dollar amount 4.00 14.00 The selling expenses consisted of a commission of $0.90 per unit sold and advertising co-payments totaling $94,500. Administrative expenses, all fixed, equaled $176,500. There were no beginning and ending work-in-process inventories. Beginning finished goods inventory was $109,200 for 2,800 easels. $39.00 1. Calculate the number and the dollar value of easels in ending finished goods inventory. 1,800 ✓ 70,200 2. Prepare a cost of goods sold statement. Kildeer Company Statement of Cost of Goods Sold For the Year Ended December 31 Cost of goods manufactured Add: Beginning finished goods…
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0 Required information [The following information applies to the questions displayed below] Preble Company manufactures one product. Its variable manufacturing overhead is applied to production based on direct labor-hours and its standard cost card per unit is as follows: Direct materials: 5 pounds at $11 per pound Direct labor: 3 hours at $12 per hour $ 55 36 Variable overhead: 3 hours at $7 per hour 21 Total standard cost per unit $ 112 The planning budget for March was based on producing and selling 21,000 units. However, during March the company actually produced and sold 26,600 units and incurred the following costs: a. Purchased 154,000 pounds of raw materials at a cost of $9.50 per pound. All of this material was used in production. b. Direct laborers worked 63,000 hours at a rate of $13 per hour. c. Total variable manufacturing overhead for the month was $510,930. 5. If Preble had purchased 178,000 pounds of materials at $9.50 per pound and used 154,000 pounds in production,…
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