Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Assume that a company makes only one product, maintains no beginning or ending inventories, and uses a standard costing system. The standard cost card for

image text in transcribed
Assume that a company makes only one product, maintains no beginning or ending inventories, and uses a standard costing system. The standard cost card for that product is shown below Standard Quantity or Hours 3 pounds 2 hours 2 hours Standard Price or Rate $13.00 per pound $16.00 per hour $ 8.00 per hour Standard Cost $39.00 $32.00 $16.00 Direct materials Direct labor Fixed manufacturing overhead The company purchased 22,000 pounds of direct materials from its supplier at a cost of $12.50 per pound. The company used 22,000 pounds of direct material to start and complete 7,800 units of finished goods during the period. Its direct laborers worked 16,000 hours and were paid a total of $248,000, Based on this information, the total decrease recorded in the Raw Materials account would be: Multiple Choice $27.000 $304,200 $286.000 $292,500

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

Pioneers Of Critical Accounting A Celebration Of The Life Of Tony Lowe

Authors: Jim Haslam, Prem Sikka

1st Edition

113754211X, 9781137542113

More Books

Students also viewed these Accounting questions