Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Crede Manufacturing Company uses a standard cost accounting system. In 2020, 27,000 units were produced. Each unit took several kilograms of direct materials and 1.6

Crede Manufacturing Company uses a standard cost accounting system. In 2020, 27,000 units were produced. Each unit took several kilograms of direct materials and 1.6 standard hours of direct labour at a standard hourly rate of $12. Normal capacity was 48,100 direct labour hours. During the year, 113,400 kg of raw materials were purchased at $0.92 per kilogram. All materials purchased were used during the year.

  1. If the materials price variance was $9,072 favourable, what was the standard materials price per kilogram?(Round answer to 2 decimal places, e.g. 5.25.)Standard price per kilogram ---$
  2. If the materials quantity variance was $5,400 unfavourable, what was the standard materials quantity per unit?(Round answer to 2 decimal places, e.g. 5.17.) Standard materials quantity per unit kilograms-----
  3. What were the standard hours allowed for the units produced?Standard hours allowed---
  4. If the labour quantity variance was $7,920 unfavourable, what were the actual direct labour hours worked? Actual direct labour hours-----
  5. If the labour price variance was $17,544 favourable, what was the actual rate per hour?(Round answer to 2 decimal places, e.g. 15.25.)Actual rate per hour$-----
  6. If total budgeted manufacturing overhead was $404,040 at normal capacity, what was the predetermined overhead rate?(Round answer to 2 decimal places, e.g. 15.25.)Predetermined overhead rate$---
  7. What was the standard cost per unit of product?(Round answer to 2 decimal places, e.g. 15.25.)Standard cost per unit$---
  8. How much overhead was applied to production during the year?Overhead applied$----
  9. Using selected answers above, what were the total costs assigned to work in process?(Round answer to the nearest whole dollar, e.g. 5,275.)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

Financial Accounting Theory And Analysis Text And Cases

Authors: Richard G Schroeder, Myrtle W Clark, Jack M Cathey

13th Edition

1119577772, 9781119577775

More Books

Students also viewed these Accounting questions