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ONLY ANSWER BLANK BOXES Kansas Company uses a standard cost accounting system. In 2017, the company produced 28,400 units. Each unit took several pounds of
ONLY ANSWER BLANK BOXES
Kansas Company uses a standard cost accounting system. In 2017, the company produced 28,400 units. Each unit took several pounds of direct materials and 1.6 standard hours of direct labor at a standard hourly rate of $11.00. Normal capacity was 50,300 direct labor hours. During the year, 130,700 pounds of raw materials were purchased at $0.95 per pound. A materials purchased were used during the year. If the materials price variance was $2,614 favorable, what was the standard materials price per pound? (Round answer to 2 decimal places, e.g. 2.75.) Standard materials price per pound 0.97 If the materials quantity variance was $16,587 unfavorable, what was the standard materials quantity per unit? (Round answer to 1 decimal place, e.g. 1.5.) Standard materials quantity per unit 4.0 What were the standard hours allowed for the units produced? Standard hours allowed 45440 If the labor quantity variance was $7,700 unfavorable, what were the actual direct labor hours worked? Actual hours worked 46082 If the labor price variance was $9,228 favorable, what was the actual rate per hour? (Round answer to 2 decimal places, e.g. 2.75.)Step by Step Solution
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