A manufactured product has the following information for August. Standard Actual Direct materials 2 lbs. per unit @ $4.00 per lb. Direct labor 0.5 hours per unit @ $28 per hour Overhead $30 per direct labor hour Units manufactured 12,600 Total manufacturing costs $ 460,400 (1) Compute the standard cost per unit. (2) Compute the total budgeted cost for production in August. (3) Compute the total cost variance for August. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance)
1.
Compute the standard cost per unit.
|
2.
Compute the total budgeted cost for production in August.
|
3.
Compute the total cost variance for August. Indicate whether the cost variance is favorable, unfavorable or no variance.
|
A manufactured product has the following information for August. Standard Actual Direct materials 2 lbs. per...
A manufactured product has the following information for August. Actual Direct materials Direct labor Overhead Units manufactured Total manufacturing costs Standard 2 lbs. per unit @ $2.50 per lb. 0.5 hours per unit @ $16 per hour $12 per direct labor hour 12,000 $225,400 (1) Compute the standard cost per unit. (2) Compute the total budgeted cost for production in August. (3) Compute the total cost variance for August. Complete this question by entering your answers in the tabs below....
Exercise 21-7 Standard unit cost; cost variances LO P2 A manufactured product has the following information for August. Direct materials Direct labor Overhead Units manufactured Total manufacturing costs Standard 2 lbs. per unit @ $7.50 per lb. 0.5 hours per unit @ $56 per hour $72 per direct labor hour 14.00 $1.184,400 (1) Compute the standard cost per unit. (2) Compute the total budgeted cost for production in August (3) Compute the total cost variance for August. (Indicate the effect...
need help thanks
A manufactured product has the following information for August Atual Standard 2 lbs. per unit $7.00 per lb. 0.5 hours per unit 552 per hour $66 per direct labor hour Units manufactured Total manufacturing costs $1,005, 400 (1) Compute the standard cost per unit (2) Compute the total budgeted cost for production in August (3) Compute the total cost variance for August. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance) Complete...
A manufactured product has the following information for June. Standard Actual Direct materials (6 lbs. @ $8 per lb.) 50,400 lbs. @ $8.20 per lb. Direct labor (3 hrs. @ $16 per hr.) 24,700 hrs. @ $16.50 per hr. Overhead (3 hrs. @ $11 per hr.) $ 279,800 Units manufactured 8,300 1) Compute the standard cost per unit and the total cost variance for June. Indicate whether the cost variance is favorable or unfavorable. Direct materials Direct labor Overhead Total...
A manufactured product has the following information for June. Standard Actual Direct materials (6 lbs. @ $8 per lb.) 48,500 lbs. @ $8.10 per lb. Direct labor (2 hrs. @ $16 per hr.) 15,700 hrs. @ $16.50 per hr. Overhead (2 hrs. @ $12 per hr.) $ 198,000 Units manufactured 8,000 (1) Compute the standard cost per unit. Direct materials Direct labor Overhead Total (2) Compute the total cost variance for June. Indicate whether the cost variance is favorable of...
A manufactured product has the following information for
June.
Standard
Actual
Direct materials
(5 lbs. @ $8 per lb.)
42,900
lbs. @ $8.10 per lb.
Direct labor
(3 hrs. @ $16 per hr.)
25,200
hrs. @ $16.50 per hr.
Overhead
(3 hrs. @ $11 per hr.)
$
287,400
Units manufactured
8,500
AQ = Actual Quantity
SQ = Standard Quantity
AP = Actual Price
SP = Standard Price
Compute the direct materials price variance and the direct
materials quantity variance. Indicate...
A manufactured product has the following information for
June.
Standard
Actual
Direct materials
(5 lbs. @ $8 per lb.)
42,900
lbs. @ $8.10 per lb.
Direct labor
(3 hrs. @ $16 per hr.)
25,200
hrs. @ $16.50 per hr.
Overhead
(3 hrs. @ $11 per hr.)
$
287,400
Units manufactured
8,500
AH = Actual Hours SH = Standard Hours AR = Actual Rate SR = Standard Rate Compute the direct labor rate variance and the direct labor efficiency variance. Indicate...
A manufactured product has the following information for June. Standard Actual Direct materials (7 lbs. @ $9 per lb.) 56,500 lbs. @ $9.10 per lb. Direct labor (3 hrs. @ $16 per hr.) 23,700 hrs. @ $16.50 per hr. Overhead (3 hrs. @ $11 per hr.) $ 270,100 Units manufactured 8,000 Compute the direct labor rate variance and the direct labor efficiency variance. Indicate whether each variance is favorable or unfavorable. AH = Actual Hours SH = Standard Hours AR...
A manufactured product has the following information for June. Standard Actual Direct materials (7 lbs. @ $9 per lb.) 56,500 lbs. @ $9.10 per lb. Direct labor (3 hrs. @ $16 per hr.) 23,700 hrs. @ $16.50 per hr. Overhead (3 hrs. @ $11 per hr.) $ 270,100 Units manufactured 8,000 Compute the direct materials price variance and the direct materials quantity variance. Indicate whether each variance is favorable or unfavorable. AQ = Actual Quantity SQ = Standard Quantity AP...
A manufactured product has the following information for June. Direct materials Direct labor Overhead Units manufactured Standard 6 lbs. @ $8 per lb. 2 hrs. @ $16 per hr. 2 hrs. @ $12 per hr. Actual 48,500 lbs. @ $8.10 per lb. 15,700 hrs. @ $16.50 per hr. $198,000 8,000 (1) Compute the standard cost per unit. (2) Compute the total cost variance for June. Complete this question by entering your answers in the tabs below. Required 1 Required 2...