Use the information provided to calculate standard costs: To make one switch it takes 19 feet of plastic-coated copper wire and 0.9 pounds of plastic material. The plastic material can usually be purchased for $16 per pound, and the wire costs $2.57 per foot. The labor necessary to assemble a switch consists of two types. The first type of labor is assembly, which takes 3.9 hours. These workers are paid $25 per hour. The second type of labor is finishing, which takes 2.3 hours. These workers are paid $27 per hour. Overhead is applied using labor hours. The variable overhead rate is $15.86 per labor hour. The fixed overhead rate is $14.02 per hour. What is the total standard cost? Round to the nearest penny, two decimal places.

Use the information provided to calculate standard costs: To make one switch it takes 19 feet of plastic-coated copper wire and 0.9 pounds of plastic material. The plastic material can usually be purchased for $16 per pound, and the wire costs $2.57 per foot. The labor necessary to assemble a switch consists of two types. The first type of labor is assembly, which takes 3.9 hours. These workers are paid $25 per hour. The second type of labor is finishing, which takes 2.3 hours. These workers are paid $27 per hour. Overhead is applied using labor hours. The variable overhead rate is $15.86 per labor hour. The fixed overhead rate is $14.02 per hour. What is the total standard cost? Round to the nearest penny, two decimal places.

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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