year, est cost for materials and labor are $1,243,000 and $1,638,500 respectively. Compute the estimates for (a) a standard cost and (b) a budgeted cost. (Round standard costs to 2 decimal places, e.g. 1.25.) (a) (b) Standard cost $ Budgeted cost $ Materials $ $ Labor tion of Product X is 565,000 units. Total estimated

year, est cost for materials and labor are $1,243,000 and $1,638,500 respectively. Compute the estimates for (a) a standard cost and (b) a budgeted cost. (Round standard costs to 2 decimal places, e.g. 1.25.) (a) (b) Standard cost $ Budgeted cost $ Materials $ $ Labor tion of Product X is 565,000 units. Total estimated

Name: Tammy Company uses both standards and budgets. For the year, estimate
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Description: Tammy Company uses both standards and budgets. For the year, estimated production of Product X is 565,000 units. Total estimatedcost for materials and labor are $1,243,000 and $1,638,500 respectively.Compute the estimates for (a) a standard cost and

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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10. A production department within a company received materials of $10,000 and conversion costs of $10,000 from the prior department. It added material of $27,200 and conversion costs of $53,000. The equivalent units are 20,000 for material and 18,000 for conversion. Complete the following table to determine what is the unit cost for materials and conversion? PLEASE NOTE: For units, use commas as needed (i.e. 1,234). Costs per unit are rounded to two decimal places and shown with "$" and commas as needed (i.e. $1,234.56). All other dollar amounts are rounded to whole dollars and shown with "$" and commas as needed (i.e. $12,345). Total Cost Equivalent Units Per Unit Material ? ? ? Conversion ? ? ?
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The standard costs and actual costs for direct materials for the manufacture of 3,000 actual units of product are Actual Material price per pound of direct material Quantity of material in pound per unit of product Actual production untis of product BDMOV (AQ SQ) for Actual Production x SP C DMCV DMPV + DMOV Actual cost per unit of product (AC) Standard costs per unit of product (SC) $8.00 Alternate formula to compute DMCV= (Actual cost-standard cost) per unit x # of units 065 3,000 Required: Compute the followings variances and indicate if they are favorable (F) or unfavorable (UF) A. Direct material Price variance (DMPV) B. Direct matenal Quantity variance (DMQV) C. Total Direct material Cost variance (DMCV) Solution: A.DMPV = (AP-SP) x AQ for Actual Production Standard Variance $ For UF ($1,462 50) F ($5,250.00) F AQ $8.75 SQ 0.45 ($6.712 50) F 1950 1350 Acronyms: AP Actual price per unit of Material SP Standard price per unit of Material AQ-Actual quantity of Material for Actual…