MC Qu. 10-65 Assume that...Cost standards for one unit of product no. C77:Direct materialDirect labor3 pounds at $2.70 per pound7 hours at $7.50 per hourActual results:Units produced5,900 unitsDirect material purchasedDirect material used27,000 pounds at $2.9017,400 pounds at $2.9041,500 hours at $7.30Direct laborAssume that the company computes variances at the earliest point in time.The standard hours allowed for the work performed are:Multiple ChoiceO 40,250.41,450.41,300.41,200.None of the answers is correct.O$8.1052.50$ 78,30050,460302,950

Standard hours allowed for actual output Standard hours allowed is the number of hours of production…

Answered: The standard hours allowed for the work…

Business

Accounting

The standard hours allowed for the work performed are:

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 2PB: The following product costs are available for Kellee Company on the production of eyeglass frames:...

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Concept explainers

Overheads

In cost accounting, overhead refers to those expenses which occur during the operating of a business. Overhead includes the fixed, variable, or semi-variable which is not directly involved with a company product or service. It is very important to analyze overhead expense as it helps the company in determining how much a company must charge for its products and services so that they can generate profit. Overhead expenses depend upon the nature of the business operations.

Question

MC Qu. 10-65 Assume that...
Cost standards for one unit of product no. C77:
Direct material
Direct labor
3 pounds at $2.70 per pound
7 hours at $7.50 per hour
Actual results:
Units produced
5,900 units
Direct material purchased
Direct material used
27,000 pounds at $2.90
17,400 pounds at $2.90
41,500 hours at $7.30
Direct labor
Assume that the company computes variances at the earliest point in time.
The standard hours allowed for the work performed are:
Multiple Choice
O 40,250.
41,450.
41,300.
41,200.
None of the answers is correct.
O
$
8.10
52.50
$ 78,300
50,460
302,950

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The following product costs are available for Kellee Company on the production of eyeglass frames: direct materials, $32,125; direct labor, $23.50; manufacturing overhead, applied at 225% of direct labor cost; selling expenses, $22,225; and administrative expenses, $31,125. The direct labor hours worked for the month are 3,200 hours. A. What are the prime costs? B. What are the conversion costs? C. What is the total product cost? D. What is the total period cost? E. If 6.425 equivalent units are produced, what is the equivalent material cost per unit? F. What is the equivalent conversion cost per unit?
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A- 456.48 per unit B- 684.80 per unit C- 765.92 per unit D- 471.36 per unit
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nttps:25A%252F%252HM..mh A company allocates materials handling cost to the company's two products using the below data: Product A Product B Total expected units produced 5,400 11,800 Total expected material 530 470 moves Expected direct labor-hour 670 150 per unit The total materials handling cost for the year is expected to be $182,000. If the materials handling cost is allocated on the basis of direct labor-hours, how much of the total materials handling cost would be allocated to the Product B? (Round your intermediate calculations to 5 decimal places.) Multiple Choice $97,944 $74,263 $35,671 $59.791
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The standard costs and actual costs for direct materials for the manufacture of 3,000 actual units of product are Actual Material price per pound of direct material Quantity of material in pound per unit of product Actual production untis of product BDMOV (AQ SQ) for Actual Production x SP C DMCV DMPV + DMOV Actual cost per unit of product (AC) Standard costs per unit of product (SC) $8.00 Alternate formula to compute DMCV= (Actual cost-standard cost) per unit x # of units 065 3,000 Required: Compute the followings variances and indicate if they are favorable (F) or unfavorable (UF) A. Direct material Price variance (DMPV) B. Direct matenal Quantity variance (DMQV) C. Total Direct material Cost variance (DMCV) Solution: A.DMPV = (AP-SP) x AQ for Actual Production Standard Variance $ For UF ($1,462 50) F ($5,250.00) F AQ $8.75 SQ 0.45 ($6.712 50) F 1950 1350 Acronyms: AP Actual price per unit of Material SP Standard price per unit of Material AQ-Actual quantity of Material for Actual…
Subject-account
TB MC Qu. 10-155 (Algo) Majer Corporation makes a product with ... Majer Corporation makes a product with the following standard costs: Standard Quantity or Hours Standard Price or Rate Standard Cost Per Unit Direct materials 6.7 ounces $ 2.00 per ounce $ 13.40 Direct labor 0.3 hours $ 14.00 per hour $ 4.20 Variable overhead 0.3 hours $ 2.00 per hour $ .60 The company reported the following results concerning this product in February. Originally budgeted output 5,300 units Actual output 8,100 units Raw materials used in production 30,400 ounces Actual direct labor-hours 1,940 hours Purchases of raw materials 32,800 ounces Actual price of raw materials $ 52.90 per ounce Actual direct labor rate $ 62.40 per hour Actual variable overhead rate $ 1.10 per hour The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. The variable overhead rate…
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Question # 1 Standard and the actual costs for direct materials and direct labor are given as under: Standard costs Direct materials 8,000 units at total direct material costs Rs. 40,000 Direct labor: 7,000 hours at Rs. 6 per hour Actual costs Direct materials 8,500 units at Rs. 4.5 per unit Direct labor: 6,500 hours at Rs. 6.25 per hour Required c. Entries in general journal to record the above information d. What do you realize whether the overall variation is in favorable or unfavorable?