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 CostCostXQuantity6 quartsSummary$6.00$1.90per Unit$1.00 per quart$38.00 per hourDirect MaterialsDirect Labor3 minutesTotal Direct Costs$7.90Actual 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

Answered: Image /qna-images/answer/a5e1485e-adc7-4c42-ae06-a09192b9b6d4.jpg

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 Standard Standard Cost Cost Cost Information Quantity 6 quarts per Unit $1.00 per quart $38.00 per hour Summary $6.00 $1.90 $7.90 Direct Materials Direct Labor 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) (d) Calculate the labor efficiency (hourly) 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 Standard Standard Cost Cost Cost Information Quantity 6 quarts per Unit $1.00 per quart $38.00 per hour Summary $6.00 $1.90 $7.90 Direct Materials Direct Labor 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) (d) Calculate the labor efficiency (hourly) variance

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

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.…
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
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 per Unit $1.00 per quart $38.00 per hour Quantity Summary $6.00 $1.90 $7.90 Direct Materials 6 quarts Direct Labor 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
answer quickly
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
please answer this with must explanation , computation for each parts and steps answer in text form
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 /…
The Salsa Division of the Spicy Foods Company has provided you with the following information at a volume of 40,000 bottles: Cost Per unit Direct material $8.00 Direct labor $4.00 Variable overhead $3.00 Fixed overhead - Traceable $6.00 Fixed overhead - Allocated $5.00 Total $26.00 An outside vendor has approached Salsa and offered to produce 30,000 bottles of salsa at a price of $22.00 per unit. By outsourcing, the company could begin operating a new line of Hot Sauce that is expected to generate sales of $500,000. Outsourcing will also allow Salsa to eliminate 30% of the division's traceable fixed overhead. NOTE: The contribution margin ratio for Hot Sauce = 40%. Determine the impact on income if Salsa accepts the outside supplier's offer.
Please do not give solution in image format ? And Fast Answering Please ? And Explain Proper Step by Step.
Using the high- low method, How much is the total cost of producting 1330 grams of honey? The correct accountant of Sweet Company recorded these cost of producing honeybee: Days Grams Produced Total Cost Incurred Mon 100 P1,000 Tues 75 600 Wed 25 400 Thurs 150 1,500 Frid 175 1,600 Sat 50 600 Sun 125 1,300
Show the complete solution for this problem.