hi can someone help me with these. 4 problems? (2 different sets) I'm. having trouble with standard costs. thank you!!!!!!!!!
Kent County Company produces a single product. The standard cost card for the product follows: Direct material.. ..... 3 pounds @ $4/pound = $12 per unit Direct labor... .... 2 hours @ $8/hour = $16 per unit Variable overhead. ..... 2 hours @ $5/hour = $10 per unit During a recent period the company produced 500 units of product. Various costs associated with the production of these units are given below: Units produced ...... 500 Direct material used. . .. 1,600 pounds Direct material purchased (3,000 pounds) .......... $12,300 Direct labor cost (950 hours)....... $7,790 Variable overhead cost incurred $4,655 The labor rate variance is: Select one: a. $210 F O b. $190 F C. $399 F X O d. $190 UKent County Company produces a single product. The standard cost card for the product follows: Direct material.. 3 pounds @ $4/pound = $12 per unit Direct labor.... 2 hours @ $8/hour = $16 per unit Variable overhead 2 hours @ $5/hour = $10 per unit During a recent period the company produced 500 units of product. Various costs associated with the production of these units are given below: Units produced ..... 500 Direct material used... 1,600 pounds Direct material purchased (3,000 pounds) . .. .......... $12,300 Direct labor cost (950 hours).......... $7,790 Variable overhead cost incurred .... $4,655 The labor efficiency variance is: Select one: a. $400 F O b. $800 F c. $800 U X O d. $500 FThe Alabama Hospital performs testing in its laboratory. The following standards have been set for each test performed: Direct materials: 2 gallons at $3 per gallon Direct labor: 0.5 hours at $8 per hour Variable overhead: 0.5 hours at $2 per hour During May, the hospital performed 4,000 tests. On May 1 there were no direct materials on hand. Variable overhead is assigned to tests on the basis of direct labor hours. The following events occurred during May: Direct materials purchased: 8, 100 gallons at $3.10 per gallon Direct materials used: 7,600 gallons Direct labor used: 2,200 hours at $8.25 per hour Actual variable overhead: $4,175 The hospital applies variable overhead to products on the basis of standard direct labor-hours. The materials price variance for May was: Select one: a. $2,310 U X b. $2,310 F C. $810 U O d. $810 FThe Alabama Hospital performs testing in its laboratory. The following standards have been set for each test performed: Direct materials: 2 gallons at $3 per gallon Direct labor: 0.5 hours at $8 per hour Variable overhead: 0.5 hours at $2 per hour During May, the hospital performed 4,000 tests. On May 1 there were no direct materials on hand. Variable overhead is assigned to tests on the basis of direct labor hours. The following events occurred during May: Direct materials purchased: 8,100 gallons at $3.10 per gallon Direct materials used: 7,600 gallons Direct labor used: 2,200 hours at $8.25 per hour Actual variable overhead: $4, 175 The hospital applies variable overhead to products on the basis of standard direct labor-hours. The labor rate variance for May was: Select one: a. $1,050 U O b. $550 U c. $2, 150 U X O d. $2, 150 F
