Give the complete formula describing what costs would be debited to Work-in-Process in a standard costing system.

i.e. _________ price x _________ quantity for ____________

QUESTION 1 Ralston Inc. has provided the following information. Use it to answer #1-8. Give all variances as a positive number. Round ONLY your final answer to dollars. HINT: first correctly identify your variables as per the study guide Standards: Direct materials Direct labor Variable overhead Fixed overhead 10 lb a $2.60/1b 2 hours @ $22.50/hour 2 hours @ $18/hour Per unit 26.00 45.00 36.00 25.00 132.00 Total Budgeted production - 7,000 units $192,200 Actual results Material purchased Material used Direct labor Variable overhead Fixed overhead Units produced 74,950 lbs 74,600 lbs 15,530 actual hours $339,500 $286,600 $171,400 7,400 units