PRACTICE Standard Costs with Rachel's Bakery Racher's Bakery makes desserts for local restaurants Restaurants purchase gourmet brownies by the pan, which are Currently selling for $12 per pan. Each pan requires 10 minutes of direct labor for mixing, cutting, and packaging Each pan must bake for 30 minutes. Packaging materials cost $0.50 per pan. The standard wage rate is $12 per hour. Rachel allocatos overhead at $7.00 per oven hour. The ingredients per pan and the prices of those ingredients are as follows: Ingredient Flour Pecans Cocoa Sugar Chocolate Chips Eggs Requirement per Pan 2 cups 1/2 cup 1/4 cup 1 cup 1/2 cup 2 eggs 1/3 cup Ingredient Price $1.92 per bag of flour $6.00 per bag $2.40 pertin $2.40 per 5-lb. bag $1.80 per bag $1.08 per dozen eggs $1.26 per bottle Ingredient Quantity 16 cups per bag 3 cups per bag 2 cups pertin 16 cups per bag 2 cups per bag 6 cups per bottle Direct Materials Standard Quantity X Standard Price (per unit of Input) Standard Cost (per pan) (per pan) Flour 2 cups $0.24 per pan Pecans % cup $1.00 per pan Cocoa $0.15 per pan Sugar $1.92 for 16 cups = $0.12 percup S6 for 3 cups = $2 per cup | 2.00 G, 2 cups = 1,2 $2.40 for 16 cups = $0.15 per cup 18 for 2 ,9 c .ooper 12 .09 $1.26 for 6 cups = $0.21 per cup 415 1 cup 1/2 cup 2 eggs 1/3 cup Chocolate Chips Eggs $0.07 per pan ON Packaging Total Direct Material Costs X Standard Cost (per pan) Standard Quantity (per pan) (per quantity) Direct Labor Direct Labor Hours SQ-Cost Driver X Standard Cost (per pan) SP-MOH Rate (per quantity) Manufacturing Overhead (per pan) Oven Hours CHAPTER 5 | PAGE 2 What is the total standard cost per pan of gourmet brownies? ACCT 201 MANAGERIAL ACCOUNTING