On May 1, 2020, Barron Company began the manufacture of a new paging machine known as Sleek. The company installed a standard costing system to account for manufacturing costs. The standard costs for a unit of Sleek and other information follow: (Click the icon to view the information) Actual production in May was 5,000 units of Sleek, and actual sales in May were 3,000 units. The amount shown for direct materials price variance applies to materials purchased and used during May. There was no beginning inventory of materials on May 1, 2020. 1a. Compute the standard cost per pound of direct materials. Data table Requirements Compute each of the following items for Barron Company for the month of May. Show your computations by first selecting the formula, then entering the amounts in the formula, and then solving for your answer. 1. (a) Standard cost per pound of direct materials, (b) Standard hours per unit of direct manufacturing labor, (c) Standard manufacturing overhead cost expressed as a percentage of standard direct manufacturing labor cost, (d) Standard cost per unit (paging machine) 2. Standard direct manufacturing labor-hours allowed for actual output produced 3. Actual direct manufacturing labor-hours worked 4. Actual direct manufacturing labor wage rate 5. Standard quantity of direct materials allowed (in pounds) 6. Actual quantity of direct materials purchased and used (in pounds) 7. Actual direct materials price per pound On May 1, 2020, Barron Company began the manufacture of a new paging machine known as Sleek. The company installed a standard costing system to account for manufacturing costs. The standard costs for a unit of Sleek and other information follow: (Click the icon to view the information) Actual production in May was 5,000 units of Sleek, and actual sales in May were 3,000 units. The amount shown for direct materials price variance applies to materials purchased and used during May. There was no beginning inventory of materials on May 1, 2020. 1a. Compute the standard cost per pound of direct materials. Data table Requirements Compute each of the following items for Barron Company for the month of May. Show your computations by first selecting the formula, then entering the amounts in the formula, and then solving for your answer. 1. (a) Standard cost per pound of direct materials, (b) Standard hours per unit of direct manufacturing labor, (c) Standard manufacturing overhead cost expressed as a percentage of standard direct manufacturing labor cost, (d) Standard cost per unit (paging machine) 2. Standard direct manufacturing labor-hours allowed for actual output produced 3. Actual direct manufacturing labor-hours worked 4. Actual direct manufacturing labor wage rate 5. Standard quantity of direct materials allowed (in pounds) 6. Actual quantity of direct materials purchased and used (in pounds) 7. Actual direct materials price per pound
