Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Crede Manufacturing Company uses a standard cost accounting system. In 2005, 33,000 units were produced. Each unit took several pounds of direct materials and 113

Crede Manufacturing Company uses a standard cost accounting system. In 2005, 33,000 units were produced. Each unit took several pounds of direct materials and 113 standard hours of direct labor at a standard hourly rate of $12.00. Normal capacity was 42,000 direct labor hours. During the year, 132,000 pounds of raw materials were purchased at $0.90 per pound. All pounds purchased were used during the year. (a) If the materials price variance was $3,960 unfavorable, what was the standard materials price per pound? (b) If the materials quantity variance was $2,871 favorable, what was the standard materials quantity per unit? (c) What were the standard hours allowed for the units produced? (d) If the labor quantity variance was $8,400 unfavorable, what were the actual direct labor hours worked? (e) If the labor price variance was $4,470 favorable, what was the actual rate per hour? (f) If total budgeted manufacturing overhead was $327,600 at normal capacity, what was the predetermined overhead rate per direct labor hour? (g) What was the standard cost per unit of product? (h) How much overhead was applied to production during the year? (i) If the standard fixed overhead rate was $2.50, what was the overhead volume variance? (j) If the overhead controllable variance was $3,000 favorable, what were the total variable overhead costs incurred? (Assume that the overhead controllable variance relates only to variable costs.) (k) Using selected answers above, what were the total costs assigned to work in process

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

Rockford Practice Set To Accompany Intermediate Accounting

Authors: Donald E. Kieso

16th Edition

1119287936, 9781119287933

More Books

Students also viewed these Accounting questions

Question

3. Experiment with cooperative learning activities.

Answered: 1 week ago

Question

Do not pay him, wait until I come

Answered: 1 week ago

Question

Do not get married, wait until I come, etc.

Answered: 1 week ago

Question

Do not come to the conclusion too quickly

Answered: 1 week ago