Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

amwk 4 a... roblem Saved Help Save & Exit Subn Check my work Simpson Manufacturing has the following standard cost sheet for one of its

image text in transcribedimage text in transcribed
amwk 4 a... roblem Saved Help Save & Exit Subn Check my work Simpson Manufacturing has the following standard cost sheet for one of its products: Total Direct materials Direct labor 5 pounds at $2 per pound $ 10 hours at $25 per hour 50 Variable factory overhead 2 hours at $5 per hour 10 Fixed factory overhead 2 hours at $20 per hour Cost per unit $110 The company uses a standard cost system and applies factory overhead cost based on direct labor hours and determines the factory overhead rate based on a practical capacity of 400 units of the product. Simpson has the following actual operating results for the year just completed: Units manufactured 376 Direct materials purchased and used 1, 880 pounds $20, 680 Direct labor incurred 830 hours 22, 410 Variable factory overhead incurred 5, 312 Fixed factory overhead incurred 15, 800 Before closing the periodic accounts, the (standard cost) entries in selected accounts follow: Debit Credit Account (total) ( total ) Work-in-process inventory $177, 000 $142, 640 119 ,690 Finished goods inventory 142 . 640

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

Comprehensive Assurance & Systems Tool

Authors: Laura IngrahamJ Jenkins

2nd Edition

0131377213, 9780131377219

More Books

Students also viewed these Accounting questions