Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Kansas Company uses a standard cost accounting system. In 2017, the company produced 28,500 units. Each unit took several pounds of direct materials and 1.6

image text in transcribed
image text in transcribed
Kansas Company uses a standard cost accounting system. In 2017, the company produced 28,500 units. Each unit took several pounds of direct materials and 1.6 standard hours of direct labor at a standard hourly rate of $13.00. Normal capacity was 49,900 direct labor hours. During the year, 131,300 pounds of raw materials were purchased at $0.91 per pound. All materials purchased were used during the year. (a) Your answer is correct. If the materials price variance was $5,252 favorable, what was the standard materials price per pound? (Round answer to 2 decimal places... 2.75.) Standard materials price per pound 0.95 Click if you would like to Show Work for this question: Open Show Work Attempts: 3 of 3 used (b) If the materials quantity variance was $13,728 unfavorable, what was the standard materials quantity per unit? (Round answer to 1 decimal place, .. 1.5 Standard materials quantity per unit Click if you would like to Show Work for this question: Open Show Work LINK IN THE LINK TO TEXT

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

The Routledge Companion To Accounting And Risk

Authors: Margaret Woods

1st Edition

1138860123, 9781138860124

More Books

Students also viewed these Accounting questions