Give me true answer this general accounting question not use ai The standard cost card for one unit of a certain finished product shows thefollowing:Standard Quantity or Standard Price orHoursRateDirect materials10 pounds$? per poundDirect Labor2.5 hours$16 per hourVariablemanufacturing1.5 hours$10 per houroverheadIf the total standard variable cost for one unit of finished product is $85, then thestandard price per pound for direct materials is:A. $5.90B. $1.74C. $3.00D. $4.60

Step 1: Define Standard and actual hoursThe term standard and actual hours represent how standard…

Answered: The standard cost card for one unit of…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 1PA: The following product Costs are available for Haworth Company on the production of chairs: direct...

See similar textbooks

Similar questions

A standard cost card for one unit of a product may look like the following: Direct materials (4 pounds @ $1.25 per pound) $5.00 Direct labor (0.1 DLH @ $18 per hour) 1.80 Variable overhead (0.1 DLH @ $2.00 per hour) 0.20 Fixed overhead (0.1 DLH @ $4.60 per hour) 0.46 Total cost per unit $7.46 The standard cost to produce one unit is $7.46. The standard cost to produce 600 units are $ Of course, this is a simplification as the standard cost does not take fixed and variable costs into account. However, if the firm is producing at or near capacity, then the cost per unit of $7.46 could be multiplied by total units to get total standard cost. The standard cost card gives both unit and cost standards. The direct materials total of $5.00 is based on the use of four pounds of material at $1.25 per pound. Similarly, it should take six minutes (0.1 direct labor hour) to produce one unit. This makes it easy to determine total quantities and cost would be for multiple units. If 400 units were…
The standard material cost to produce 1 unit of product r is 6 pounds of material at a standar price of $50 per pound . In manufacturing 8000 units 47000 pounds of material we're used at a cost of $51 per pound . What is the direct material price variance
A Company establishes the following standards for the costs of one unit of its product. The standard production overhead costs per unit are bascd on direct-labor hours. Calculation for standard per unit cost is as follows: Std Cost Std Qty 3.00 kg | Direct Material Direct Labor Variable Overhead Fixed Overhead* |Total *based on practical capacity of 20,000 direct-labor hour per month Std Price/Rate $ 8.25 per kg $ 10.00 per hour $ 10.00 per hour $ 7.50 per hour 24.75 $ 20.00 2.00 hour $ 20.00 2.00 hour 15.00 2.00 hour 79.75 During December 2020, the Company purchased 30,000 kg of direct material at a total cost of $246,000. The total wages for December were $260,000, 75% of which were for direct labor. The Company manufactured 9,500 units of product during December 2020, using 28,400 kg of the direct material purchased in December and 18,900 direct-labor hours. Actual variable and fixed overhead cost were $200,000 and $150,000, respectively. The scheduled production for the month was…
possible Standard material cost per kg of raw material is $8.75. Standard material allowed per unit is 6 Kg. Actual material used per unit is 6.25 Kg. Actual cost per kg is $8.00. What is the standard cost per output unit? O A. $48.00 B. $52.50 C. $50.00 D. $54.69 A: S Next
Labor data for making one gallon of the finished product in Nien Company are as follows: 1. Price-hourly wage rate $13.80, payroll taxes $0.80, and fringe benefits $1.50. 2. Quantity-actual production time 1.1 hours, rest periods and clean up 0.30 hours, and set up and downtime 0.40 hours. Compute the following. a. Standard direct labor rate per hour. b. Standard direct labor hours per gallon. Standard labor cost per gallon.
The standard labor rate is $8 per hour. Standard labor allowed per unit is 0.6 hours. The actual cost per labor hour is $7.5 and the actual labor hour per unit is 0.7 hours. What is the standard labor cost per output unit? a. $4.8 b. $5.6 c. $4.5 d. $5.25
Spartans Inc. has the following Standard Cost Card: per unit per year Price $21.00 Direct Materials $6.00 Direct Labor $1.80 Var. MOH $0.80 Fixed MOH $36,000 Selling $2.00 Administrative $60,000 1. What is the contribution margin per unit? $8.60, $2.99, $7.59, $10.60, or $4.99 2. What is the contribution margin ratio? 0.3672, 0.6328, 0.7800, 0.2200, or 0.4415 3. Based on your answer from (b), how much of every $1.00 of sales represents variable costs? 4. If direct labor costs increase by $1.00, how will that affect the contribution margin?
A known manufacturing company has estimated the ff. Component for a new product. Fixed cost= 50,000 Material cost per unit= 2.15 Labor cost per unit = 2 Revenue per unit= 7.50 Vary the production volume from 0 to 100,000 in increments of 10,000. The five different material costs are 1.50,1.95,2.15,2.85 and 3.25. Using the spreadsheet model, what will be the resulting profit if the company decides to make 70,000 units of the new product. Choices: A.623,018 B.176,400 C.45,705 D.No choice given E.138,430
PRESENT YOUR ANSWER AS: 10 FAVORABLE OR 10 UNFAVORABLE. The standard product mix for making 12,500 tubes of liquid solder is: Cost /unit Tolal cost 90.00 Kgs. Material A 1,500.00 0.06 Material B 625.00 0.40 250.00 Material C 1,000.00 0.25 250.00 During April, 77,500 tubes were produced from an input of: Kgs. Cost /unit Total cost Material A 8,750.00 0.056 490.00 0. 380 1,425.00 0. 280 1,750.00 Material B 3,750.00 Material C 6,250.00 Compute for the materials yield variance. Indicate whether favorable or unfavorable.
XYZ Company makes one product and has calculated the following amounts for direct labor: AH x AR = $84,000; AH x SR = $83,000; SH x SR = $85,000. Compute the direct labor cost variance. Multiple choice question. $1,000 U $1,000 F $2,000 F $2,000 U
Each finished unit of product X contains 60 pounds of raw materials. The manufacturing process must provide for a 20% waste allowance. The raw materials can be purchased for a cost of P2.50 a pound under terms of 2/10, n/30. The company takes all cash discounts. What is the standard direct materials cost of each unit of product X? a. 180 b. 187.50 c. 183.75 d. 176.40 Please include a short explanation. Thank you.
The following are the selling price, variable costs, and contribution margin for one unit of each of Banner Company's three products: A, B, and C: A Selling price $60.00 Product B $150.00 C $100.00 Variable costs: Direct materials 24.00 52.50 49.00 Direct labour 15.00 50.00 20.00 Variable manufacturing overhead 3.00 10.00 4.00 Total variable cost 42.00 Contribution margin $18.00 112.50 $ 37.50 Contribution margin ratio 30% 25% 73.00 $ 27.00 27% Due to a strike in the plant of one of its competitors, demand for the company's products far exceeds its capacity to produce. Management is trying to determine which product(s) to concentrate on next week in filling its backlog of orders. The direct labour rate Is $10 per hour, and only 3,870 hours of labour time are available each week. Required: 1. Compute the amount of contribution margin that will be obtained per hour of labour time spent on each product. (Round your Intermediate calculations to 1 decimal place. Round your answers to 2…

SEE MORE QUESTIONS

Recommended textbooks for you

Principles of Accounting Volume 2

Accounting

ISBN:

9781947172609

Author:

OpenStax

Publisher:

OpenStax College

Managerial Accounting

Accounting

ISBN:

9781337912020

Author:

Carl Warren, Ph.d. Cma William B. Tayler

Publisher:

South-Western College Pub

Financial And Managerial Accounting

Accounting

ISBN:

9781337902663

Author:

WARREN, Carl S.

Publisher:

Cengage Learning,

Principles of Accounting Volume 2

Accounting

ISBN:

9781947172609

Author:

OpenStax

Publisher:

OpenStax College

Managerial Accounting

Accounting

ISBN:

9781337912020

Author:

Carl Warren, Ph.d. Cma William B. Tayler

Publisher:

South-Western College Pub

Financial And Managerial Accounting

Accounting

ISBN:

9781337902663

Author:

WARREN, Carl S.

Publisher:

Cengage Learning,

Managerial Accounting: The Cornerstone of Busines…

Accounting

ISBN:

9781337115773

Author:

Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:

Cengage Learning

EBK CONTEMPORARY FINANCIAL MANAGEMENT

Finance

ISBN:

9781337514835

Author:

MOYER

Publisher:

CENGAGE LEARNING - CONSIGNMENT

SEE MORE TEXTBOOKS