Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Crane Company uses a standird cost accountine system. In 2022. the company produced 27,500 units. Each unit took several pounds of direct materials and 1.6

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Crane Company uses a standird cost accountine system. In 2022. the company produced 27,500 units. Each unit took several pounds of direct materials and 1.6 standard hours of direct labor at a standard hourly rate of $11.00. Normal capacity was 49,500 direct labor hours. During the year, 130.000 pounds of raw materials were purchased at $0.90 per pound. All materials purchased were used during the year. Your answer is incorrect. If the materials price variance was 51,300 tavorable. What was the standard muterials price per pound? (Round answer to 2 decimal places es 2.75. Standard materials price per pound $ Your answer is cortect H the materials eaantity variance was $18.200 unfavorable, what was the standard inatcrials quantity per unit? Standard materials quantity per unit pounds What was the standard cost per unit of product? (Round answer to 2 decimal places, eg. 2.75.) Standard cost per unit eTextbook and Media . Your answer is incorrect. How much overhead was applied to production during the year? How much overhead was applied to production during the year? Overhead applied eTextbook and Media 6. Your answer is incorrect. Using one or more answers above, what were the total costs assigned to work in process? (Round standard cost per unit to 2 decimal places, e.s. 2.75 and final answer to 0 decimol places, es. 125.) Total costs assigned

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_2

Step: 3

blur-text-image_3

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

Sm Auditing Integrated Appr Review Copy

Authors: ARENS LO, EBBECKE

7th Edition

0135914396, 978-0135914397

More Books

Students also viewed these Accounting questions

Question

What are Electrophoresis?

Answered: 1 week ago