Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Machine Builders Inc. adopted a standard cost system several years ago that it uses in conjunction with its process cost system. The per-unit standard costs

image text in transcribedimage text in transcribed

Machine Builders Inc. adopted a standard cost system several years ago that it uses in conjunction with its process cost system. The per-unit standard costs for direct materials and direct labor for its single product are as follows: Materials: (8 kilograms * $14 per kilogram) Labor: (7 hours * $15 per hour) $ 112 $ 105 All materials are issued at the beginning of processing. The operating data shown below were taken from the records for July: none In-process beginning inventory In-process ending inventory90% complete as to labor Units completed during the month Budgeted output Purchases of materials, in kilograms (AQ) Total actual labor costs incurred Direct labor hours worked (AQ) Materials purchase-price variance Increase in materials inventory in July Beginning inventory of materials 900 units 7,900 units 8,400 units 29,000 $526,000 31,000 hours $ 2,600 unfavorable 1,400 kilograms 0 kg. The actual total cost of direct materials used in production during July, to the nearest dollar, was: (Round your intermediate calculations to 2 decimal places.) $383,184. $404,034. $388,884. $398,034 $401,034

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

More Books

Students also viewed these Accounting questions