P11 4A Kansas Company uses a standard cost accounting system In 2017, the company produced 28,000 units Each unit took several pounds of direct materials and 1 6 standard hours of direct labor at a standard hourly rate of $12 00 Normal capacity was 50,000 direct labor hours During the year, 117,000 pounds of raw materials were purchased at $0 92 per pound All materials purchased were used during the year Instructions If the materials price variance was $3,510 favorable, what was the standard materials price per pound If the materials quantity variance was $4,750 unfavorable, what was the standard materials quantity per unit (b) 4 0 pounds What were the standard hours allowed for the units produced If the labor quantity variance was $7,200 unfavorable, what were the actual direct labor hours worked If the labor price variance was $9,080 favorable, what was the actual rate per hour If total budgeted manufacturing overhead was $360,000 at normal capacity, what was the predetermined overhead rate (f) $7 20 per DLH What was the standard cost per unit of product How much overhead was applied to production during the year Using one or more answers above, what were the total costs assigned to work in process Compute variances, prepare an income statement, and explain unfavorable variances This must be completed in excel with the formulas price variance favorable raw materials raw materials price per pound standard materials price per pound 3,510 117,000 0 03 0 92 $0 95 price variance unfavorable standard materials price per pound raw materials units produced standard materials quanitity per unit 4,750 0 95 5,000 117,000 112,000 28,000 4 pounds per unit total units standard hours of direct labor standard hours 28,000 1 6 44,800 labor quantity variance unfavorable standard hourly rate hours over standard standard hours actual direct labor hours worked 7,200 12 600 44,800 45,400 Part 1 Material Price Variance $3510 (f) Material Price Variance (Actual Price Standard Price) X Actual Quantity $3510 (0 92 Standard Price) X 117000 107640 Standard Price $0 89 per pound Ppa Ppa

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P11-4A Kansas Company uses a standard cost accounting system. In 2017, the company produced 28,000 units. Each unit took several pounds of direct materials and

P11-4AKansas Company uses a standard cost accounting system. In 2017, the company produced 28,000 units. Each unit took several pounds of direct materials and 1.6 standard hours of direct labor at a standard hourly rate of $12.00. Normal capacity was 50,000 direct labor hours. During the year, 117,000 pounds of raw materials were purchased at $0.92 per pound. All materials purchased were used during the year.

Instructions

If the materials price variance was $3,510 favorable, what was the standard materials price per pound?
If the materials quantity variance was $4,750 unfavorable, what was the standard materials quantity per unit?(b) 4.0 pounds
What were the standard hours allowed for the units produced?
If the labor quantity variance was $7,200 unfavorable, what were the actual direct labor hours worked?
If the labor price variance was $9,080 favorable, what was the actual rate per hour?
If total budgeted manufacturing overhead was $360,000 at normal capacity, what was the predetermined overhead rate?(f) $7.20 per DLH
What was the standard cost per unit of product?
How much overhead was applied to production during the year?
Using one or more answers above, what were the total costs assigned to work in process?

Compute variances, prepare an income statement, and explain unfavorable variances.

This must be completed in excel with the formulas

price variance favorable raw materials raw materials price per pound standard materials price per pound 3,510 117,000 0.03 0.92 $0.95 price variance unfavorable standard materials price per pound raw materials units produced standard materials quanitity per unit 4,750 0.95 5,000 117,000 112,000 28,000 4 pounds per unit total units standard hours of direct labor standard hours 28,000 1.6 44,800 labor quantity variance unfavorable standard hourly rate hours over standard standard hours actual direct labor hours worked 7,200 12 600 44,800 45,400 Part 1 Material Price Variance = $3510 (f) Material Price Variance = (Actual Price - Standard Price) X Actual Quantity $3510 = (0.92 - Standard Price) X 117000 107640 Standard Price = $0.89 per pound Ppa Ppa