Kingbird Corporation manufactures a single product. The standard cost per unit of product is shown below. Direct materials—1 pound plastic at $6.00 per pound $ 6.00 Direct labor—1.5 hours at $12.20 per hour 18.30 Variable manufacturing overhead 9.00 Fixed manufacturing overhead 15.00 Total standard cost per unit $48.30 The predetermined manufacturing overhead rate is $16.00 per direct labor hour ($24.00...
Chapter 5 Product Costing: Job and Process Operations 193 July 1 July 31 Inventories Raw materials. ... Manufacturing supplios Office supplies.. Work in process..... Finished goods........... $18,000 2,500 1,600 52,000 36.000 $27.000 4.000 2.000 41.000 28.100 Required Prepare a statement of cost of goods manufactural and an income statement. Actual overhead costs are assigned to products. Cost of Goods Manufactured...
The following cost data relate to the manufacturing activities of Black Company during the just completed year: Manufacturing overhead costs incurred: Property taxes, factory $ 2,900 Utilities, factory 4,900 Indirect labor 10,000 Depreciation, factory 23,900 Insurance, factory 5,800 Total actual manufacturing overhead costs $ 47,500 Other costs incurred: Purchases of raw materials $ 31,900 Direct labor cost $ 40,400 Inventories:...
--/1 Question 14 View Policies Current Attempt in Progress Rogen Corporation manufactures a single product. The standard cost per unit of product is shown below. Direct materials - 1 pound plastic at $8.00 per pound Direct labor-1.5 hours at $11.90 per hour Variable manufacturing overhead Fixed manufacturing overhead Total standard cost per unit $8.00 17.85 9.75 11.25 $46.85 The predetermined...
Reagen Corporation makes a product with the following standard costs: Direct materials Direct labor Variable overhead Standard Quantity or Hours 3.7 liters 0.3 hours 0.3 hours Standard Price or Rate $5.00 per liter $21.00 per hour $7.00 per hour The company reported the following results concerning this product in December. 7,700 Actual output Raw materials used in production Actual direct...
Fairfield company applies manufacturing overhead to products at a predetermined rate of $42 per direct labor hour. Its actual manufacturing costs for the most recent period are summarized here: Total Cost $ 86,000 26,000 Item Description Direct materials Used on Jobs 101 and 102 Indirect materials Used on multiple jobs Hourly labor wages 750 hours @ $22 per hour 200...
Current Attempt In Progress Second Chance Welding rebuilds spot welders for manufacturers. The following budgeted cost data for 2020 is available for Second Chance. Time Charges $238,000 Material Loading Charges Technicians' wages and benefits Parts manager's salary and benefits Office employee's salary and benefits Other overhead Total budgeted costs 49,000 35,000 $322,000 $40,100 7,430 27,440 $74,970 The company desires a...
Exercise 22-9 Rey Custom Electronics (RCE) sells and installs complete security, computer, audio, and video systems for homes. On newly constructed homes it provides bids using time-and-material pricing. The following budgeted cost data are available. Material Loading Charges Charges Technicians' wages and benefits Parts manager's salary and benefits Office employee's salary and benefits Other overhead Total budgeted costs 34,700 10,800...
Question 1 View Policies Current Attempt in Progress Stefani Company has gathered the following information about its product. Direct materials: Each unit of product contains 3.40 pounds of materials. The average waste and spollage per unit produced under normal conditions is 0.60 pounds. Materials cost $2 per pound, but Stefani always takes the 2.00% cash discount all of its suppliers...
Problem 8-3A Flexible budget preparation, computation of materials, labor, and overhead variances; and overhead variance report LO P1, P2, P3, C2 (The following information applies to the questions displayed below.) Antuan Company set the following standard costs for one unit of its product Direct materials (6 lbs. @ $5 per Ib.) Direct labor (2 hrs. $17 per hr.) Overhead (2...