Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

10. Use the information provided to calculate standard costs: To make one switch it takes 16 feet of plastic-coated copper wire and 0.4 pounds of

10.

Use the information provided to calculate standard costs:

To make one switch it takes 16 feet of plastic-coated copper wire and 0.4 pounds of plastic material. The plastic material can usually be purchased for $17 per pound, and the wire costs $2.38 per foot. The labor necessary to assemble a switch consists of two types. The first type of labor is assembly, which takes 3.3 hours. These workers are paid $26 per hour. The second type of labor is finishing, which takes 2.1 hours. These workers are paid $28 per hour. Overhead is applied using labor hours. The variable overhead rate is $14.71 per labor hour. The fixed overhead rate is $15.23 per hour.

What is the total standard cost for manufacturing overhead? Round to the nearest penny, two decimal places.

11. Use the information provided to calculate standard costs:

To make one switch it takes 17 feet of plastic-coated copper wire and 0.1 pounds of plastic material. The plastic material can usually be purchased for $20 per pound, and the wire costs $2.89 per foot. The labor necessary to assemble a switch consists of two types. The first type of labor is assembly, which takes 3.9 hours. These workers are paid $30 per hour. The second type of labor is finishing, which takes 2.5 hours. These workers are paid $29 per hour. Overhead is applied using labor hours. The variable overhead rate is $15.88 per labor hour. The fixed overhead rate is $14.85 per hour.

What is the total standard cost? Round to the nearest penny, two decimal places

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting Principles Volume 2

Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak

8th Canadian Edition

1119502551, 1-119-50255-5, 978-1119502555

More Books

Students also viewed these Accounting questions

Question

2. In what way can we say that method affects the result we get?

Answered: 1 week ago