Homework Answers
Question 2, Answer: Wages Payable= Actual Labor hours * Actual Labor rate
Wages Payable= 6000*22= $132000
Question 3, Answer : Quantity=4000 pounds
Standard rate per pound = $13
Actual rate per pound= $11.84
Increase in net income= (13-11.84)*4000= $4640(increase in net income)
Question 4, Answer: (a) The purchase of lower than standard quality materials.
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QUESTION 2 2 points Save Afirm with a standard costing system budgets 5,000 direct labor hours at $20 per hours t...
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(1) Tolton, Inc. is just shy of hitting its operating income target. The manager, K.T. Tolton,...
(1) Tolton, Inc. is just shy of hitting its operating income target. The manager, K.T. Tolton, decides to purchase inferior materials right before year end. The standard price for the materials is $14.00 per pound. K.T. buys 3,000 pounds of inferior product at $11.44 per pound. What is the effect on net income for the year? Please sign an increase as a positive number (e.g. 100) and a decrease as a negative number (e.g. -100). (2) Garland Company uses a...
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QUESTION 7 Afirm with a standard costing system budgets 4,000 direct labor hours at $20 per hour to make 2,000 units. The firm actually produced 3,000 units using 7,000 direct labor hours at $24 per hour. When labor occurred during the period, what was the total dollar value of the debit to Work-in-Process Inventory? QUESTIONS 2 points Garland Company uses a standard cost system. The standard for each finished unit of product allows for 3.7 pounds of plastic at $0.71...
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Direct materials-1 pound plastic at $6.00per pound Direct labor-2.0 hours at $12.20 per hour Variable manufacturing owerhead Fixed manufacturing overhead Total standard cost per unit $6.00 2440 15.00 13.00 $58.40 The predetermined manufacturing overhead rate is $14.00 per direct labor hour ($28.00 2.0 Itwas computed from a master manufacturing overhead budget based on normal production of 10,000 direct labor hours (5,000 units) for the month. The master budget showed total variable costs of $75,000$7.50 per hour) and total foxed overhead...
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