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:

Managerial Accounting

15th Edition

ISBN:9781337912020

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

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

Chapter9: Evaluating Variances From Standard Costs

Section: Chapter Questions

Problem 5BE: Standard cost journal entries Bellingham Company produced 15,000 units that require 2.5 standard...

See similar textbooks

Related questions

Q: porarily stored befor

A: Direct labour cost are those cost that are paid as wages for work directly related to the production…

Q: As the actual manufacturing overhead costs are incurred throughout the period, they are credited to…

A: The manufacturing overhead account record all the actual manufacturing overhead costs incurred and…

Q: The cost accountant prepares the cost of production summary by first collecting the period’s…

A: Cost Accountant generally prepares cost records of the company He in the course of framework…

Q: Describe the two-stage process associated with plantwide overhead rates.

A: Cost accounting is the branch of accounting that inspects the cost structure of a business. This…

Q: Over-allocation of manufacturing overhead would require which of the following year-end adjustments?

A: Adjusting entries are the year-end or reporting end adjustments which are passed for the fair…

Q: is the total factory overhead costs incurred by Regional Safety Supplies during the period

A: Factory Overhead Cost - It is also refers to the manufacturing overhead or work overhead cost. It is…

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

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

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?
Cost standards for one unit of product no. C77: $ 7.50 3 pounds at $2.50 per pound 5 hours at $7.50 per hour Direct material Direct labor 37.50 Actual results: Units produced Direct material purchased 26,000 pounds at $2.70 Direct material used 7,800 units 23,100 pounds at $2.70 40,100 hours at $7.30 S 70,200 62,370 292,730 Direct labor A. The direct-material price variance is: B. The direct-material quantity variance is: C. The direct-labor rate variance is: D. The direct-labor efficiency variance is:
A- 456.48 per unit B- 684.80 per unit C- 765.92 per unit D- 471.36 per unit
Cost standards for one unit of product no. C77: Direct material 3 pounds at $2.50 per pound $7.50 Direct labor 5 hours at $7.50 per hour 37.50 Actual results: Units produced 8,100 units Direct material purchased 26,600 pounds at $71,820 $2.70 Direct material used 24,000 pounds at $270 64,800 Direct labor 41,100 hours at $7.30 300,030 47. Assume that the company computes variances at the earliest point in time. The direct-material price variance is: $5,320F. None of these. $5,120F. $5,120U. $5,320U.
Cost standards for one unit of product no. C77: Direct material 3 pounds at $2.50 per pound $7.50 Direct labor 5 hours at $7.50 per hour 37.50 Actual results: Units produced a8,100 units Direct material purchased 26,600 pounds at $71,820 $2.70 Direct material used 24,000 pounds at $2.70 64,800 Direct labor 41,100 hours at $7.30 300,030 46.Assume that the company computes variances at the earliest point in time. The direct-material quantity variance is: None of these. $5,750F. $5,750U. $750U. $750F. 47. Assume that the company computes variances at the earliest point in time. The direct-material price variance is: $5,320F. None of these. $5,120F. $5,120U. $5,320U. 43. Assume that the company computes variances at the earliest point in time. The direct-labor rate variance is: $7,794F. $8,220U. None of these. $7,794F. $8,220F.
Ch. 10-Dell, Inc. makes a product with the following standard costs: Direct materials Direct labor Variable overhead 4.00per ounce 11.00per hour 4.00per hour The company reported the following results concerning this product in June. Actual output Raw materials used in production Purchases of raw materials Actual direct labor-hours Standard Quantity or Hours Standard Price or Rate 7.1ounces 0.2hours 0.2hours D) $440 F C) $660 U A) $440 U $ $ $ B) $660 F Standard Cost Per Unit 3000units 21,500ounces 21,500ounces 560hours S $ 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 labor efficiency variance for June is: S 28.40 2.20 0.80
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…
Solve the general accounting issue
Inputs Standard Quantity Standard Price Direct materials 3.0 pounds $4.00 per pound Direct labor 0.50 hours $22.00 per hour Variable manufacturing overhead 0.50 hours $6.00 per hour Actual results: Actual output 2,000 units Actual variable manufacturing overhead cost $7,140 Actual Quantity Actual price Actual direct materials cost 6,500 pounds $3.80 per pound Actual direct labor cost 1,050 hours $21.60 per hour Enter a formula into each of the cells marked with a ? below Main Example: Chapter 10 Exhibit 10-4: Standard Cost Variance Analysis–Direct Materials Standard Quantity Allowed for the Actual Output, at Standard Price ? pounds × ? per pound = Actual Quantity of Input, at Standard Price ? pounds × ? per pound = ? Actual Quantity of Input, at Actual Price ? pounds × ? per pound = ? Direct materials…
Subject - General Account
Need answer
Please do not give solution in image format thanku