Accounting for Managers

Profound Lid. began manufacture of a new equipment know as Ferret. The company is using standard costing system to control its manufacturing cost. The standard cost per unit of Ferrest is as follows: Direct material (4.5 Kg at $7/kg) 31 5 Direct manufacturing labor (1 5 hours at 32/hour) 48 Manufacturing overheads (80%% of the direct manufacturing 38.4 labor cost) 117.9 The following data were obtained from Profound Lid's record for the month of August: Debit Credit Revenues 132, 500 Accounts payable control (for May's purchase of direct 78,600 material) Direct material rate variance 4.670 Direct material usage variance 3,840 Direct manufacturing labor rate efficiency 2.220 Direct manufacturing labor efficiency variance 2,640 Actual production in August was 4,800 units of Ferret. and actual sales in August were 3.200 The umount shown for direct material price variance applies to material purchased during August There was no beginning inventory of material on Alljust 01 2018 Required Compute each of the following items Ferret for the month of August. Show your computation