Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Dvorak Company produces a product that requires five standard pounds per unit. The standard price is $2.50 per pound. Assume the company produced 1,000 units

image text in transcribed

Dvorak Company produces a product that requires five standard pounds per unit. The standard price is $2.50 per pound. Assume the company produced 1,000 units of product. 1,000 units required 4,500 pounds, which were purchased at $3.00 per| pound. The product requires three standard hours per unit at a standard hourly rate of $17 per hour. The 1,000 units required 2,800 hours at an hourly rate of $16.50 per hour. The standard variable overhead cost per unit is $1.40 per hour. The actual variable factory overhead was $4,000. The standard fixed overhead cost per unit is $0.60 per hour at 3,500 hours, which is 100% of normal capacity. Prepare a 2014 income statement through gross profit for Dvorak Company. Assume Dvorak sold 1,000 units at $90 per unit. Enter all amounts as positive numbers. If an amount does not require an entry or is zero, enter "0

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

Internal Audit In Higher Education

Authors: Alison Holmes, Sally Brown

1st Edition

0749433000, 978-0749433000

More Books

Students also viewed these Accounting questions

Question

Understand the different approaches to job design. page 167

Answered: 1 week ago