(a)-Standard direct materials price per pound of raw materials
Standard direct materials price per pound of raw materials = Net Purchase price + Freight + Receiving and handling charges
= $2.59 + $0.52 + $0.39
= $3.50
(b)-Standard direct materials quantity per gallon
Standard direct materials quantity per gallon = Required materials + Allowance for waste and spoilage
= 3.34 Pounds + 0.70 Pounds
= 4.04 Pounds
(c)-Total standard materials cost per gallon
Total standard materials cost per gallon = Standard direct materials quantity per gallon x Standard direct materials price per pound of raw material
= 4.04 Pounds x $3.50 per Pound
= $14.14
Tang Company accumulates the following data concerning raw materials in making its finished product: (1) Price...
Brief Exercise 23-2 Tang Company accumulates the following data concerning raw materials in making its finished product: (1) Price per pound of raw materials—net purchase price $2.92, freight-in $0.38, and receiving and handling $0.24. (2) Quantity per gallon of finished product—required materials 3.21 pounds, allowance for waste and spoilage 0.90 pounds. Compute the following. (Round answers to 2 decimal places, e.g. 1.25.) (a) Standard direct materials price per pound of raw materials. $ (b) Standard direct materials quantity per gallon....
Question 1 View Policies Current Attempt in Progress Tang Company accumulates the following data concerning raw materials in making its finished product: (1) Price per pound of raw materials-net purchase price $2.50, freight- in $0.30, and receiving and handling $0.20. (2) Quantity per gallon of finished product-required materials 3.60 pounds, allowance for waste and spoilage 0.90 pounds. Compute the following. (Round answers to 2 decimal places, e.g. 1.25.) (a) Standard direct materials price per pound of raw materials. $ (b)...
View Policies Show Attempt History Current Attempt in Progress X Your answer is incorrect Tang Company accumulates the following data concerning raw materials in making its finished product: (1) Price per pound of raw materials-net purchase price $2.50, freight in $0.50, and receiving and handling $0.40.(2) Quantity per allon of finished product-required materials 340 pounds, allowance for waste and spolage 0.60 pounds. Compute the following. (Round answers to 2 decimal places, s. 125) (a) Standard direct materials price per pound...
CH 24 HW 7th e (**) Next < Prev Send to Gradebook /1 Question 7 View Policies Current Attempt in Progress Tang Company accumulates the folllowing data concerning raw materials in making its finished product: (1) Price per pound of raw materlals-net purchase price $3.30, freight-in $0.80, and receiving and handling $0.30. (2) Quantity per gallon of finished product-required materials 3.50 pounds, allowance for waste and spoilage 0.60 pounds.. Compute the following. (Round answers to 2 decimal places, eg. 1.25)...
Oxnard Industries produces a product that requires 2.6 pounds of materials per unit. The allowance for waste and spoilage per unit is .3 pounds and .1 pounds, respectively. The purchase price is $2 per pound, but a 2% discount is usually taken. Freight costs are $.10 per pound, and receiving and handling costs are $.07 per pound. The hourly wage rate is $12.00 per hour, but a raise which will average $.30 will go into effect soon. Payroll taxes are...
Multiple Choice Question 71 Concord Corporation produces a product that requires 2.6 pounds of materials per unit. The allowance for waste and spoilage per unit is 0.3 pounds and 0.1 pounds, respectively. The purchase price is $2 per pound, but a 2% discount is usually taken. Freight costs are $0.4 per pound, and receiving and handling costs are $0.08 per pound. The hourly wage rate is $12 per hour, but a raise which will average $0.3 will go into effect...
Exercise 23-3 Stefani Company has gathered the following information about its product. Direct materials: Each unit of product contains 3.10 pounds of materials. The average waste and spoilage per unit produced under normal conditions is 0.70 pounds. Materials cost $5 per pound, but Stefani always takes the 5.00% cash discount all of its suppliers offer. Freight costs average $0.45 per pound. Direct labor. Each unit requires 2.40 hours of labor. Setup, cleanup, and downtime average 0.10 hours per unit. The...
Oxnard Industries produces a product that requires 2.6 pounds of materials per unit. The allowance for waste and spoilage per unit is .3 pounds and .1 pounds, respectively. The purchase price is $2 per pound, but a 2% discount is usually taken. Freight costs are $.10 per pound, and receiving and handling costs are $.07 per pound. The hourly wage rate is $12.00 per hour, but a raise which will average $.30 will go into effect soon. Payroll taxes are...
Stefani Company has gathered the following information about its product. Direct materials: Each unit of product contains 3.10 pounds of materials. The average waste and spoilage per unit produced under normal conditions is 0.90 pounds. Materials cost $2 per pound, but Stefani always takes the 4.00% cash discount all of its suppliers offer. Freight costs average $0.45 per pound. Direct labor. Each unit requires 1.30 hours of labor. Setup, cleanup, and downtime average 0.20 hours per unit. The average hourly...
Sheffield Company has gathered the following information about its product. Direct materials. Each unit of product contains 5.00 pounds of materials. The average waste and spoilage per unit produced under normal conditions is 0.80 pounds. Materials cost $1 per pound, but Sheffield always takes the 5.00% cash discount all of its suppliers offer. Freight costs average $0.25 per pound. Direct labor. Each unit requires 1.70 hours of labor. Setup, cleanup, and downtime average 0.20 hours per unit. The average hourly...