Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Lexxx Company makes a widget that is known worldwide for its high quality! These widgets sell for $40 each. The standard cost card is shown

image text in transcribed
Lexxx Company makes a widget that is known worldwide for its high quality! These widgets sell for $40 each. The standard cost card is shown below: Standard Cost Card - Lexxx Widget DM DL FOH 2.6 pounds X $4.00/# $ 10.40 0.50 DLH X $16/DLH 8.00 0.50 DLH $10/DLH 5.00 (Variable = $2/DLH, Fixed - $8/DLH) Standard Cost $23.40 This period. 9,000 widgets were produced. Normal capacity this period was 8,000 widgets. The following actual data was gathered: Sales - the 9,000 widgets produced were sold for a total of $361,800. DM - 24,000 pounds of DM were purchased and used in production at a cost of $86,400. DL-4.600 DLH were used at a total cost of $74,060. V FOH - Actual Variable FOH was $9,800. FFOH - Actual Fixed FOH was $33,000 Factory overhead is (only use "U" for Underapplied and "O" for Overapplied) by (no dollars sings, but numbers!)

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

Principles Of Financial Accounting (Chapters 1-17)

Authors: John Wild

24th Edition

1260158608, 9781260158601

More Books

Students also viewed these Accounting questions