Question
IvanhoeManufacturing Company uses a standard cost accounting system. In 2022,27,000units were produced. Each unit took several kilograms of direct materials and 1.6 standard hours of
IvanhoeManufacturing Company uses a standard cost accounting system. In 2022,27,000units were produced. Each unit took several kilograms of direct materials and 1.6 standard hours of direct labour at a standard hourly rate of $9.00. Normal capacity was48,300direct labour hours. During the year,110,700kg of raw materials were purchased at $0.97per kilogram. All materials purchased were used during the year.
If the labour price variance was $13,146favourable, what was the actual rate per hour?(Round answer to 2 decimal places, e.g. 15.25.)
Actual rate per hour$
enter the actual rate per hour in dollars rounded to 2 decimal places
If total budgeted manufacturing overhead was $376,740at normal capacity, what was the predetermined overhead rate?(Round answer to 2 decimal places, e.g. 15.25.)
Predetermined overhead rate$
enter the predetermined overhead rate in dollars rounded to 2 decimal places
What was the standard cost per unit of product?(Round intermediate calculations and final answer to 2 decimal places, e.g. 1.25.)
Standard cost per unit$
enter the standard cost per unit in dollars rounded to 2 decimal places
How much overhead was applied to production during the year?
Overhead applied$
enter the overhead applied in dollars
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
$
enter the total costs assigned to work in process in dollars rounded to the nearest whole
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started