Standard Product CostSana Rosa Furniture Company manufactures designer home furniture. Sana Rosa uses a standard cost system. The direct labor, direct materials, and factory overhead standards for anunfinished dining room table are as follows:Direct labor:standard rate$24.00 per hr.standard time per unit2.50 hrs.Direct materials (oak):standard price$8.00 per bd. ft.standard quantity18 bd. ft.Variable factory overhead:standard rate$2.80 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 dining room tableV. Using this principle, majorb. A standard cost system provides Rosa Furniture management a cost control tool using the principle of management by exceptioncost deviations from standards can be investigated and corrected.

Standard costing- Standard costing is the method that is used to determine the variances between the…

Answered: Ständard Product Cost Sana Rosa…

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.] BatCo makes baseball bats. Each bat requires 2.00 pounds of wood at $20 per pound and 0.30 direct labor hour at $20 per hour. Overhead is assigned at the rate of $40 per direct labor hour. Prepare a standard cost card for a baseball bat for BatCo. (Round your final answers to 2 decimal places.) Inputs Direct materials Direct labor Overhead Standard quantity or hours pounds DLH DLH Standard price or rate Standard cost per unit
Required information Skip to question Greenwood Company manufactures two products—15,000 units of Product Y and 7,000 units of Product Z. The company uses a plantwide overhead rate based on direct labor-hours. It is considering implementing an activity-based costing (ABC) system that allocates all of its manufacturing overhead to four cost pools. The following additional information is available for the company as a whole and for Products Y and Z: Activity Cost Pool Activity Measure Estimated Overhead Cost Expected Activity Machining Machine-hours $ 227,700 11,000 MHs Machine setups Number of setups $ 153,900 270 setups Production design Number of products $ 91,000 2 products General factory Direct labor-hours $ 257,000 10,000 DLHs Activity Measure Product Y Product Z Machining 8,700 2,300 Number of setups 60 210 Number of products 1 1 Direct labor-hours 8,700 1,300 2. Using the plantwide overhead rate, how much manufacturing overhead cost is…
Q8 Lens Care Incorporated (LCI) manufactures specialized equipment for polishing optical lenses. There are two models - one mainly used for fine eyewear (F-32) and another for lenses used in binoculars, cameras, and similar equipment (B-13).The manufacturing cost of each unit is calculated using activity-based costing, using the following manufacturing cost pools: Cost Pools Allocation Base Costing Rate Materials handling Number of parts $ 3.60 per part Manufacturing supervision Hours of machine time $ 14.92 per hour Assembly Number of parts $ 3.90 per part Machine setup Each setup $ 57.10 per setup Inspection and testing Logged hours $ 46.10 per hour Packaging Logged hours $ 20.10 per hour LCI currently sells the B-13 model for $4,475 and the F-32 model for $4,580. Manufacturing costs and activity usage for the two products are as follows: B-13 F-32 Direct materials $ 165.10 $ 76.08 Number of parts 172 132 Machine hours 8.50 4.32 Inspection…
Barley Hopp, Inc., manufactures custom-ordered commemorative beer steins. Its standard cost information follows: Standard Quantity Standard Price (Rate) Standard Unit Cost Direct materials (clay) 1.80 lbs. $ 1.90 per lb. $ 3.42 Direct labor 1.80 hrs. $ 16.00 per hr. 28.80 Variable manufacturing overhead (based on direct labor hours) 1.80 hrs. $ 1.10 per hr. 1.98 Fixed manufacturing overhead ($487,500.00 ÷ 195,000.00 units) 2.50 Barley Hopp had the following actual results last year: Number of units produced and sold 200,000 Number of pounds of clay used 368,200 Cost of clay $ 736,400 Number of labor hours worked 245,000 Direct labor cost $ 5,806,500 Variable overhead cost $ 390,000 Fixed overhead cost $ 470,000 Required:1. Calculate the direct materials price, quantity, and total spending variances for Barley Hopp.2. Calculate the direct labor rate, efficiency, and total spending variances for Barley Hopp.3.…
Parker Plastic, Inc., manufactures plastic mats to use with rolling office chairs. Its standard cost information for last year follows: Standard Quantity Standard Price (Rate) Standard Unit Cost Direct materials (plastic) 12 sq ft. $ 1.45 per sq. ft. $ 17.40 Direct labor 0.3 hr. $ 11.90 per hr. 3.57 Variable manufacturing overhead (based on direct labor hours) 0.3 hr. $ 2.30 per hr. 0.69 Fixed manufacturing overhead ($461,000 ÷ 922,000 units) 0.50 Parker Plastic had the following actual results for the past year: Number of units produced and sold 1,160,000 Number of square feet of plastic used 12,000,000 Cost of plastic purchased and used $ 16,800,000 Number of labor hours worked 320,000 Direct labor cost $ 3,744,000 Variable overhead cost $ 1,100,000 Fixed overhead cost $ 377,000 Required:Calculate Parker Plastic’s direct labor rate and efficiency variances. (Do not round intermediate calculations. Indicate the…
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Sanjay Company manufactures a product in a factory that has two producing departments, Assembly and Painting, and two support departments, S1 and S2. The activity driver for S1 is square footage, and the activity driver for S2 is number of machine hours. The following data pertain to Sanjay: Line Item Description SupportDepartmentsS1 SupportDepartmentsS2 ProducingDepartmentsAssembly ProducingDepartmentsPainting Direct costs $200,000 $140,000 $115,000 $96,000 Normal activity: Square footage — 500 1,875 625 Machine hours 337 — 3,200 12,800
Please help me with show all calculation thanku
Parker Plastic, Inc., manufactures plastic mats to use with rolling office chairs. Its standard cost information for last year follows: Standard Quantity Standard Price (Rate) Standard Unit Cost Direct materials (plastic) 12 sq ft. $ 1.00 per sq. ft. $ 12.00 Direct labor 0.25 hr. $ 12.80 per hr. 3.20 Variable manufacturing overhead (based on direct labor hours) 0.25 hr. $ 2.00 per hr. 0.50 Fixed manufacturing overhead ($559,200 ÷ 932,000 units) 0.60 Parker Plastic had the following actual results for the past year: Number of units produced and sold 1,260,000 Number of square feet of plastic used 12,500,000 Cost of plastic purchased and used $ 11,250,000 Number of labor hours worked 330,000 Direct labor cost $ 4,026,000 Variable overhead cost $ 1,480,000 Fixed overhead cost $ 387,000 Required:Calculate Parker Plastic’s variable overhead rate and efficiency variances and its over- or underapplied variable overhead.…
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