Use the following standard cost and actual information to calculate the cost of 1 gallon of icecream to answer the questions below.Product: Gallon of Ice CreamManufacturingCost InformationStandardStandard CostCostper Unit$1.00 per quart$38.00 per hourQuantitySummary$6.00$1.90$7.90Direct Materials6 quartsDirect Labor3 minutesTotal Direct CostsActual costs incurred to make 50 gallons of ice cream:• 275 quarts of cream at $1.05 per gallon• 165 minutes of labor at $37.00 per hour (60 minutes = 1 hour)(a) Calculate the material price variance

Cost accounting is the method used by manufacturing businesses to understand the cost incurred in…

Use the following standard cost and actual information to calculate the cost of 1 gallon of ice cream to answer the questions below. Product: Gallon of Ice Cream Manufacturing Cost Information Standard Standard Cost Cost Quantity 6 quarts per Unit $1.00 per quart $38.00 per hour Summary $6.00 Direct Materials Direct Labor $1.90 $7.90 3 minutes Total Direct Costs Actual costs incurred to make 50 gallons of ice cream: • 275 quarts of cream at $1.05 per gallon • 165 minutes of labor at $37.00 per hour (60 minutes = 1 hour) (a) Calculate the material price variance

Use the following standard cost and actual information to calculate the cost of 1 gallon of ice cream to answer the questions below. Product: Gallon of Ice Cream Manufacturing Cost Information Standard Standard Cost Cost Quantity 6 quarts per Unit $1.00 per quart $38.00 per hour Summary $6.00 Direct Materials Direct Labor $1.90 $7.90 3 minutes Total Direct Costs Actual costs incurred to make 50 gallons of ice cream: • 275 quarts of cream at $1.05 per gallon • 165 minutes of labor at $37.00 per hour (60 minutes = 1 hour) (a) Calculate the material price variance

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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KAYAK Corporation makes a kayak with the following standard costs per unit produced: Standard Quantity/Efficiency 3.5 lbs per unit produced Standard Price/Rate Direct Materials Direct Labor Mfg OH Actual Results: 1.25 hrs per unit produced 1.25 hrs per unit produced $3.50 per lb $20.00 per hr $3.10 per hr 12,250 units produced Direct material - Actually purchased and used 35,000 lbs for a total cost of $131,250. Direct Labor - Actually worked 14,000 hours at an average labor rate of $20.25/hr. Variable Overhead Cost - Actual variable overhead costs were $42,000 allocated on direct labor hours dele ksp Required: a. Compute total production costs, standard and actual, and calculate total production cost variance b. Compute the total materials cost variance and determine how much is driven by quantity variance and how much by price variance. d. Compute the total overhead cost variance and determine how much is driven by overhead. efficiency variance and how much by rate variance c.…
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Standard Direct Materials Cost per Unit Crazy Delicious Inc. produces chocolate bars. The primary materials used in producing chocolate bars are cocoa, sugar, and milk. The standard costs for a batch of chocolate (1,513 bars) are as follows Quantity Ingredient Price 390 lbs $0.40 per lb Сосоа 120 lbs $0.60 per lb. Sugar Milk 90 gal. $1.50 per gal. Determine the standard direct materials cost per bar of chocolate. If required, round to the nearest cent. per bar
1. The Top Company uses a standard costing system and produces custom made plastic toys using the following inputs – and actual data: Input Standard Input per Toy Standard Cost of Input ACTUAL Cost to Produce 270,000 Toys ACTUAL Quantity Used to Produce 270,000 Toys Plastic 380g $0.04/gram $4,044,000 99,600,000 grams Direct Labour 0.25 hours $11.00/hour Required: What is the standard cost of one toy? Calculate the Material PRICE variance using actual production numbers given above and label it FAVOURABLE or UNFAVOURABLE. Calculate the Material QUANTITY variance using actual production numbers given above and label whether it is FAVOURABLE or UNFAVOURABLE. Should only unfavourable variances be investigated – WHY or WHY NOT?
Required information [The following information applies to the questions displayed below.] BatCo makes baseball bats. Each bat requires 2.00 pounds of wood at $20 per pound and 0.30 direct labor hour at $20 per hour. Overhead is assigned at the rate of $40 per direct labor hour. Prepare a standard cost card for a baseball bat for BatCo. (Round your final answers to 2 decimal places.) Inputs Direct materials Direct labor Overhead Standard quantity or hours pounds DLH DLH Standard price or rate Standard cost per unit
Alibaba Manufacturing manufactures widgets for distribution. The standard costs for the manufacture of widgets follow: Standard Costs Actual CostsDirect materials 3 lbs. per widget at 31,000 lbs. at $34 $35 per pound per poundDirect labor 2.5 hours per widget 22,500 hours at at $11 per hour $11.80 per hourFactory overhead Variable cost, $24/widget $241,500 variable cost Fixed cost, $40/widget $381,250 fixed cost Budgeted factory overhead was $640,000. Overhead applied is based on widgets produced. The company estimated that 10,000 widgets would be produced; however, only 9,600 were produced. InstructionsCalculate the following amounts.1. Rate at which total factory overhead is applied2. Materials price…
Use the following standard cost and actual information to calculate the cost of 1 gallon of ice cream to answer the questions below. Product: Gallon of Ice Cream Manufacturing Cost Information Standard Standard Cost Cost X Quantity 6 quarts Summary $6.00 $1.90 per Unit $1.00 per quart $38.00 per hour Direct Materials Direct Labor 3 minutes Total Direct Costs $7.90 Actual costs incurred to make 50 gallons of ice cream: • 275 quarts of cream at $1.05 per gallon • 165 minutes of labor at $37.00 per hour (60 minutes = 1 hour) (d) Calculate the labor efficiency (hourly) variance
Sorry for image error: For 500 ml: estimated to: 140.00 For 100 ml: estimated to: 45.00 For 50 ml: estimated to: 30.00 TASK: I NEED THE COSTING FOR 300 ml product: coffee
Standard Direct Materials Cost per Unit Crazy Delicious Inc. produces chocolate bars. The primary materials used in producing chocolate bars are cocoa, sugar, and milk. The standard costs for a batch of chocolate (2,143 bars) are as follows: Ingredient Quantity Price Cocoa 510 lbs. $0.40 per lb. Sugar 150 lbs. $0.60 per lb. Milk 120 gal. $1.30 per gal. Determine the standard direct materials cost per bar of chocolate. If required, round to the nearest cent.$per bar
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Standard Direct Labor CostThe controller at your shoemaking company has determined that under normal conditions, you pay your employees $8.40 per hour, and it will take 2.6 hours of labor per pair of shoes. Given this information, calculate the standard cost of labor per pair of shoes. If required, round the standard labor per pair of shoes to the nearest cent. Manufacturing Costs Standard Price x Standard Hours per Pair = Standard Cost per Pair Direct Labor $8.40 2.60 21.84 Feedback Use the standard price and standard hours values shown to compute the standard labor cost per pair. Actual Direct Labor CostDuring August, your shoe-making company incurred actual direct labor costs of $62,211 for 6,990 hours of direct labor in the production of 2,175 pairs of shoes. Given this information, calculate the actual cost of labor per hour. If required, round the actual cost of labor per hour to the nearest cent. Manufacturing Costs Actual Total Cost /…