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Kansas Company uses a standard cost accounting system. In 2014, the company produced 28,000 units. Each units took several pounds of direct materials and 1.6
Kansas Company uses a standard cost accounting system. In 2014, the company produced 28,000 units. Each units 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 50,000 direct labor hours. During the year, 117,000 pounds of raw materials were purchased at $0.92 per pound. All materials purchased were used during the Year. If the materials price variance was $3, 510 favorable, what was the standard materials price per pound? (Round answer to 2 decimal places, eg. 2.75) If the materials quantity variance was $4, 750 unfavorable, what was the standard materials quantity per unit? (Round answer to 1 decimal places, e.g. 1.5.) What were the standard hours allowed for the units produced? If the labor price variance was $9, 080 favorable, what was the actual rate per hour? (Round answer to 2 decimal places, e.g. 2.75.) If total budgeted manufacturing overhead was $360,000 at normal capacity, what was the predetermined overhead rate Round answer to 2 decimal places, eng, 2.75.) What was the standard cost per unit of product? (Round answer to 2 decimal places, e.g. 2.75.) How much overhead was applied to production during the year? Using one or more answer above, what were the total costs assigned to work in process
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