Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Hi friend! Please show your work on all of these and if correct, will give a thumbs-up GUARANTEED! :) Thank you again!! Swifty Company uses

Hi friend! Please show your work on all of these and if correct, will give a thumbs-up GUARANTEED! :) Thank you again!!

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

Swifty Company uses a standard cost accounting system. In 2022 , the company produced 27.800 units. Each unit took several pounds of direct materials and 1.6 standard hours of direct labor at a standard hourly rate of $12.00. Normal capacity was 50,500 direct labor hours. During the year, 131,400 pounds of raw materials were purchased at $0.95 per pound. All materials purchased were used during the year. If the materials price variance was $5,256 favorable, what was the standard materials price per pound? (Round answer to 2 decimal places, e.g. 2.75.) Standard materials price per pound $ eTextbook and Media If the materials quantity variance was $19,998 unfavorable, what was the standard materials quantity per unit? Standard materials quantity per unit pounds What were the standard hours allowed for the units produced? Standard hours allowed hours eTextbook and Media If the labor quantity variance was $8,400 unfavorable, what were the actual direct labor hours worked? Actual hours worked hours eTextbook and Media If the labor price variance was $18,072 favorable, what was the actual rate per hour? (Round answer to 2 decimal places, eg. 2.75. ) Actual rate perhour $ If total budgeted manufacturing overhead was $343,400 at normal capacity, what was the predetermined overhead rate based on direct labor hours? (Round answer to 2 decimal places, eg. 2.75.) Predetermined overhead rate $ eTextbook and Media What was the standard cost per unit of product? (Round answer to 2 decimal places, e.g. 2.75.) Standard cost per unit $ eTextbook and Media How much overhead was applied to production during the year? 5 Using one or more answers above, what were the total costs assigned to work in process? (Round standard cost per unit to 2 decimal places, e.g. 2.75 and final answer to 0 decimal places, e.g. 125.) Total costs assigned $

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

Auditing Mantras Forensic Accounting Important Standards On Auditing

Authors: Buffy Mielcarek

1st Edition

B09PP4SKL1, 979-8796281437

More Books

Students also viewed these Accounting questions