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

See similar textbooks

Similar questions

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.
please answer this with must explanation , computation for each parts and steps answer in text form
Please avoid solutions in an image format thanks
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?…
Please help me with show all calculation thanku
Provide solution
Note that data typically Flashlight, Inc. makes two types of flashlights and is implementing an activity-based costing system. Previously, all overhead had been applied on the basis of machine hours. The company produces 11,250 units of the Deluxe model and 21,142 units of the Compact model. Additional data is as follows: Materials Ordering 140 orders Use of Cost Driver by Compact 35 setups 45 orders Cost Pool Cost Driver and Estimated Level of Activity Estimated Overhead Cost Use of Cost Driver by Deluxe Equipment Setup 100 setups $60,000 65 setups $63,000 95 orders Quality Control Mixing 200 inspections $66,000 150 inspections 9,000 machine hours $54,000 5,000 machine hours 4,000 machine hours Total Overhead Cost $243,000 50 inspections What is the total overhead cost applied to Compact when all overhead is applied based on machine hours?
Physical Flow, Equivalent Units, Unit Costs, No Beginning WIP Inventory, Activity-Based Costing, DBC McKay, Inc., produces a subassembly used in the production of hydraulic cylinders. The subassemblies are produced in three departments: Plate Cutting, Rod Cutting, and Welding. Materials are added at the beginning of the process. Overhead is applied using the following drivers and activity rates: Actual Usage (by Plate Cutting) Rate Driver Direct labor cost 170% of direct labor Inspection hours $40 per hour Number of moves $100 per move During the first quarter, the Plate Cutting Department used 25,300 hours (direct, indirect, and machine hours) to produce the quarter's output. Other quarterly data for the Plate Cutting Department are as follows: Beginning work in process, January 1 Units started Direct materials cost Units, ending work in process (100% materials; 64% conversion), March 31 Required: 90,000 $720,000 6,000 $87,840 4,002 hours 1,680 moves 1. Prepare a physical flow…