Lily Corporation manufactures a single product. The standard cost per unit of product is shown below....
Fantastic news! We've Found the answer you've been seeking!
Question:
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/05/665505c7e7234_071665505c7de922.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/05/665505c846de9_072665505c840279.jpg)
Transcribed Image Text:
Lily Corporation manufactures a single product. The standard cost per unit of product is shown below. Direct materials-1 pound plastic at $7.00 per pound $7.00 Direct labor-1.6 hours at $12.00 per hour 19.20 12.00 Variable manufacturing overhead Fixed manufacturing overhead Total standard cost per unit 4.00 $42.20 The predetermined manufacturing overhead rate is $10 per direct labor hour ($16 1.6). It was computed from a master manufacturing overhead budget based on normal production of 8,800 direct labor hours (5,500 units) for the month. The master budget showed total variable costs of $66,000 ($7.50 per hour) and total fixed overhead costs of $22,000 ($2.50 per hour). Actual costs for October in producing 5,340 units were as follows. Direct materials (5,580 pounds) $40,734 Direct labor (8,170 hours) 102,942 Variable overhead 65,760 Fixed overhead 22,800 Total manufacturing costs $232,236 Lily Corporation manufactures a single product. The standard cost per unit of product is shown below. Direct materials-1 pound plastic at $7.00 per pound $7.00 Direct labor-1.6 hours at $12.00 per hour 19.20 12.00 Variable manufacturing overhead Fixed manufacturing overhead Total standard cost per unit 4.00 $42.20 The predetermined manufacturing overhead rate is $10 per direct labor hour ($16 1.6). It was computed from a master manufacturing overhead budget based on normal production of 8,800 direct labor hours (5,500 units) for the month. The master budget showed total variable costs of $66,000 ($7.50 per hour) and total fixed overhead costs of $22,000 ($2.50 per hour). Actual costs for October in producing 5,340 units were as follows. Direct materials (5,580 pounds) $40,734 Direct labor (8,170 hours) 102,942 Variable overhead 65,760 Fixed overhead 22,800 Total manufacturing costs $232,236
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
New York Waste (NYW) is considering refunding a $50,000,000, annual payment, 14 percent coupon, 30-year bond issue that was issued five years ago. It has been amortizing $3 million of flotation costs...
-
Smooth Surface Inc. (SSI) is a retail outlet for customized speedboats. The average cost of a boat to the company is $\$ 12,500$. SSI includes a markup of 30 percent of cost in the sales price. In...
-
What is search engine optimization? Why is it vital that a firm spends time and money on it?
-
The following stockholders equity accounts, arranged alphabetically, are in the ledger of Borkowski Corporation at December 31, 2012. Corporation at December 31, 2012. Common Stock ($5 stated value)...
-
The following are all examples of what? Traditional model Large Group lecture Computer-Based Instruction Internet-Based Instruction Self-Paced Group of answer choices Facilitation of delivery...
-
In Fig. 6.65, assume that the longitudinal residual stress at the center of the rod is -80,000 psi. Using the distortion-energy criterion, calculate the minimum yield stress that this particular...
-
4. Show that u and v are orthogonal if and only if |lu + vl| = |lul| + | |v||. (Please avoid an internal approach based on coordinates.)
-
12. Three plane mirrors form an equilateral triangle with each side of length L. There is a small hole at a distance /> O from one of the corners as shown in the figure. A ray of light is passed...
-
15. A small circular loop of area A and resistance R is fixed on a horizontal xy-plane with the center of the loop always on the axis of a long solenoid. The solenoid has m turns per unit length and...
-
16. List I describes four systems, each with two particles A and B in relative motion as shown in figures. List II gives possible magnitude of their relative velocities (in m s) at time t = 3 S....
-
17. List I describes thermodynamic processes in four different systems. List II gives the magnitudes (either exactly or as a close approximation) of possible changes in the internal energy of the...
-
1. 2 mol of Hg(g) is combusted in a fixed volume bomb calorimeter with excess of O2 at 298 K and 1 atm into HgO(s). During the reaction, temperature increases from 298.0 K to 312.8 K. If heat...
-
Rob Gordon owns Championship Vinyl & Stereo in Chicago.He takes great pride in the fact that the stereos he sells achieve high fidelity and truly "rock."A couple weeks ago, Laura came into his...
-
What can be done to motivate companies to evaluate training programs?
-
A group of managers (N = 25) participated in the problem-solving module of a leadership development program two weeks ago. The module consisted of two days in which the group focused on the correct...
-
How might you estimate the benefits of a training program designed to teach employees how to use the Internet to monitor stock prices?
![Mobile App Logo](https://dsd5zvtm8ll6.cloudfront.net/includes/images/mobile/finalLogo.png)
Study smarter with the SolutionInn App