Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Kansas Company uses a standard cost accounting system. In 2014, the company produced 28,300 units. Each unit took several pounds of direct materials and 1.6

Kansas Company uses a standard cost accounting system. In 2014, the company produced 28,300 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 49,980 direct labor hours. During the year, 131,800 pounds of raw materials were purchased at $0.94 per pound. All materials purchased were used during the year.

If the materials price variance was $1,318 favorable, what was the standard materials price per pound? (Round answer to 2 decimal places, e.g. 2.75.)

Standard materials price per pound

$

If the materials quantity variance was $14,982 unfavorable, what was the standard materials quantity per unit? (Round answer to 1 decimal places, e.g. 1.5.)

Standard materials quantity per unit

What were the standard hours allowed for the units produced?

Standard hours allowed are

If the labor quantity variance was $7,800 unfavorable, what were the actual direct labor hours worked?

Actual hours worked

If the labor price variance was $15,616 favorable, what was the actual rate per hour? (Round answer to 2 decimal places, e.g. 2.75.)

Actual rate per hour

$

If total budgeted manufacturing overhead was $329,868 at normal capacity, what was the predetermined overhead rate? (Round answer to 2 decimal places, e.g. 2.75.)

Predetermined overhead rate

$

What was the standard cost per unit of product? (Round answer to 2 decimal places, e.g. 2.75.)

Standard cost per unit

$

How much overhead was applied to production during the year?

Overhead applied

$

Using one or more answers above, what were the total costs assigned to work in process?

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_2

Step: 3

blur-text-image_3

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 Leadership The Professional And Leadership Skills You Need

Authors: Brian D. Kush

1st Edition

0470450010, 9780470450017

More Books

Students also viewed these Accounting questions