Standard Product Cost Santa Clara Furniture Company manufactures designer home furniture. Santa Clara 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 $19.00 per hr. standard time per unit 3.5 hrs. Direct materials (oak): standard price $16.50 per bd. ft. standard quantity 27 bd. ft. Variable factory overhead: standard rate Fixed factory overhead: standard rate a. Determine the standard cost per dining room table. $3.90 per direct labor hr. $2.10 per direct labor hr. per dining room table b. A standard cost system provides the company's management a cost control tool using the principle of management by exception▾ principle, major cost deviations from standards can be investigated and corrected. ✔. Using this

Standard Product Cost Santa Clara Furniture Company manufactures designer home furniture. Santa Clara 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 $19.00 per hr. standard time per unit 3.5 hrs. Direct materials (oak): standard price $16.50 per bd. ft. standard quantity 27 bd. ft. Variable factory overhead: standard rate Fixed factory overhead: standard rate a. Determine the standard cost per dining room table. $3.90 per direct labor hr. $2.10 per direct labor hr. per dining room table b. A standard cost system provides the company's management a cost control tool using the principle of management by exception▾ principle, major cost deviations from standards can be investigated and corrected. ✔. Using this

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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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.…
Subject: Accounting
Standard Product Cost Sana Rosa Furniture Company manufactures designer home furniture. Sana Rosa 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 $24.00 per hr. standard time per unit 2.50 hrs. Direct materials (oak): standard price $8.00 per bd. ft. standard quantity 18 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 table V. Using this principle, major b. A standard cost system provides Rosa Furniture management a cost control tool using the principle of management by exception cost deviations from standards can be investigated and corrected.
Continuation: Using activity-based costing, applied factory overhead for the 700 laser printers order based on the number of invoices is calculated to be: * a. P7,800 b. P10,500 c. P150 d. P21,600
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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
Comparing ABC and Plantwide Overhead Cost AssignmentsWellington Chocolate Company uses activity-based costing (ABC). Thecontroller identified two activities and their budgeted costs: Setting up equipment Other overhead $ 432,000 1,440,000 Setting up equipment is based on setup hours, and other overhead isbased on oven hours.Wellington produces two products, Fudge and Cookies. Information oneach product is as follows: Fudge Cookies Units producedSetup hoursOven hours 8,0006,4001,600 445,0001,6008,000 Required:(Note: Round answers to two decimal places.) 1. Calculate the activity rate for (a) setting up equipment and (b)other overhead.2. How much total overhead is assigned to Fudge using ABC?3. What is the unit overhead assigned to Fudge using ABC? 4. Now, ignoring the ABC results, calculate the plantwide overheadrate, based on oven hours.5. How much total overhead is assigned to Fudge using the plantwide overhead rate?6. CONCEPTUAL CONNECTION Explain why the total…
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 $ 213,400 11,000 MHs Machine setups Number of setups $ 61,600 140 setups Production design Number of products $ 78,000 2 products General factory Direct labor-hours $244,000 10,000 DLHS Activity Measure Product Y Product Z Machining 7,400 3,600 Number of setups 60 80 Number of products 1 1 Direct labor-hours 7,400 2,600 2. Using the plantwide overhead rate, how much manufacturing overhead cost is allocated to Product Y and Product Z?…
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Multiple Versus Single Overhead Rates, Activity Drivers Deoro Company has identified the following overhead activities, costs, and activity drivers for the coming year: Activity Expected Cost Activity Driver Activity Capacity Setting up equipment Ordering costs Machine costs Direct materials Direct labor Units completed Direct labor hours Number of setups Number of orders Machine hours Machine hours Receiving Receiving hours Deoro produces two models of dishwashers with the following expected prime costs and activity demands: Model A Model B $754,000 473,000 7,800 2,400 Receiving hours Model A $407,490 374,000 952,200 6,500 360 6,100 12,600 24,400 17,000 2,600 6,400 The company's normal activity is 8,900 direct labor hours. Model B 405,000 Model A $593,000 478,000 Model B Number of setups Number of orders 16,800 Required: 1. Determine the unit cost for each model using direct labor hours to apply overhead. Round intermediate calculations and final answers to nearest cent. Unit Cost 150…
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