General Account post What is the actual cost per yard of fabric purchased?Dazzle Fabrics manufactures a specialty monogrammed blanket. Thefollowing are the cost standards for this blanket:Data TableDirect materials(fabric)2.0 yards per blanket at $7.00 per yardDirect labor0.5 direct labor hours per blanket at $19.00per hourActual results from last month's production of 2,400 blankets are asfollows:Data TableActual cost of 6,240 yards of direct material (fabric)Actual yards of direct material (fabric) usedActual wages for 1,350 direct labor hours worked$ 40,5605,540$ 24,840

Definition: Actual Cost Per UnitThe actual cost per unit is the total amount paid to purchase a…

Answered: What is the actual cost per yard of…

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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Box Springs. Inc., makes two sizes of box springs: queen and king. The direct material for the queen is $35 per unit and $55 is used in direct labor, while the direct material for the king is $55 per unit, and the labor cost is $70 per unit. Box Springs estimates it will make 4,300 queens and 3,000 kings in the next year. It estimates the overhead for each cost pool and cost driver activities as follows: How much does each unit cost to manufacture?
Haversham Corporation produces dress shirts. The company uses a standard costing system and has set the following standards for direct materials and direct labor (for one shirt): During the year, Haversham produced 9,800 shirts. The actual fabric purchased was 14,600 yards at 2.74 per yard. There were no beginning or ending inventories of fabric. Actual direct labor was 10,900 hours at 19.60 per hour. Required: 1. Compute the costs of fabric and direct labor that should have been incurred for the production of 9,800 shirts. 2. Compute the total budget variances for direct materials and direct labor. 3. Break down the total budget variance for direct materials into a price variance and a usage variance. Prepare the journal entries associated with these variances. 4. Break down the total budget variance for direct labor into a rate variance and an efficiency variance. Prepare the journal entries associated with these variances.
Cozy, Inc., manufactures small and large blankets. It estimates $350,000 in overhead during the manufacturing of 75,000 small blankets and 25,000 large blankets. What is the predetermined overhead rate if a small blanket takes 1 machine hour and a large blanket takes 2 machine hours?
What is the actual cost per yard of fabric purchased on this accounting question?
1
Tipton Company manufactures shirts. During June, Tipton made 1,200shirts and gathered the following additional data: Direct materials cost standard $6.00 per yard of fabric Direct materials efficiency standard 1.50 yards per shirt Actual amount of fabric purchased and used 1,680 yards Actual cost of fabric purchased and used $10,500 Direct labor cost standard $15.00 per DLHr Direct labor efficiency standard 2.00 DLHr per shirt Actual amount of direct labor hours 2,520 DLHr Actual cost of direct labor $36,540 10. Calculate the direct labor cost variance. Select the formula, then enter the amounts and compute the cost variance for direct labor and identify whether the variance is favorable (F) or unfavorable (U). ( - ) × = Direct Labor Cost Variance ( - ) × = 11. Calculate the direct labor efficiency variance. Select the formula, then enter the amounts and compute the…
Tipton Company manufactures shirts. During June, Tipton made 1,200shirts and gathered the following additional data: Direct materials cost standard $6.00 per yard of fabric Direct materials efficiency standard 1.50 yards per shirt Actual amount of fabric purchased and used 1,680 yards Actual cost of fabric purchased and used $10,500 Direct labor cost standard $15.00 per DLHr Direct labor efficiency standard 2.00 DLHr per shirt Actual amount of direct labor hours 2,520 DLHr Actual cost of direct labor $36,540 7. Calculate the directmaterials cost variance. Select the formula, then enter the amounts and compute the cost variance for direct materials and identify whether the variance is favorable (F) or unfavorable (U). ( - ) × = Direct Materials Cost Variance ( - ) × = 8. Calculate the direct materials efficiency variance. Select the formula, then enter the amounts and…
Alpesh
Lana Kane Inc. has determined the following cost standards for the production of her short sweater-dresses: Standard Standard Standard Quantity Price or rate Cost Fabric 4 yards $4.50 per yard $22.00 Direct labor 2 hours $12.00 per hour $24.00 Actual results for last month were as follows: Number of dresses produced 12,000 dresses Direct labor hours worked 24,175 hours Yards of fabric purchased 50,000 yards Yards of fabric used in production 49,500 yards Cost of fabric purchased $217,404 Direct labor cost…
BatCo makes baseball bats. Each bat requires 1.00 pounds of wood at $18 per pound and 0.35 direct labor hour at $30 per hour. Overhead is assigned at the rate of $60 per direct labor hour.
Ship Co. produces storage crates that require 1.2 meters of material at $.85 per meter and 0.1 direct labor hours at $15.00 per hour. Overhead is applied at the rate of $9 per direct labor hour. What is the total standard cost for one unit of product that would appear on a standard cost card?
Vish

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