*Problem 23-4A Kansas Company uses a standard cost accounting system. In 2014, the company produced 28,300 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 49,980 direct labor hours. During the year, 131,800 pounds of raw materials were purchased at $0.94 per pound. All materials purchased were used during the year. If the materials price variance was $1,318 favorable, what was the standard materials price per pound? (Round answer to 2 decimal places, e.g. 2.75.) Standard materials price per pound $ If the materials quantity variance was $14,982 unfavorable, what was the standard materials quantity per unit? (Round answer to 1 decimal places, e.g. 1.5.) Standard materials quantity per unit I What were the standard hours allowed for the units produced? Standard hours allowed are I If the labor quantity variance was $7,800 unfavorable, what were the actual direct labor hours worked? Actual hours worked I If the labor price variance was $15,616 favorable, what was the actual rate per hour? (Round answer to 2 decimal places, e.g. 2.75.) Actual rate per hour $ If total budgeted manufacturing overhead was $329,868 at normal capacity, what was the predetermined overhead rate? (Round answer to 2 decimal places, e.g. 2.75.) Predetermined overhead rate $1 What was the standard cost per unit of product? (Round answer to 2 decimal places, e.g. 2.75.) Standard cost per unit $ How much overhead was applied to production during the year? Overhead applied $ Using one or more answers above, what were the total costs assigned to work in process? Total costs assigned $ *Problem 23-4A Kansas Company uses a standard cost accounting system. In 2014, the company produced 28,300 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 49,980 direct labor hours. During the year, 131,800 pounds of raw materials were purchased at $0.94 per pound. All materials purchased were used during the year. If the materials price variance was $1,318 favorable, what was the standard materials price per pound? (Round answer to 2 decimal places, e.g. 2.75.) Standard materials price per pound $ If the materials quantity variance was $14,982 unfavorable, what was the standard materials quantity per unit? (Round answer to 1 decimal places, e.g. 1.5.) Standard materials quantity per unit I What were the standard hours allowed for the units produced? Standard hours allowed are I If the labor quantity variance was $7,800 unfavorable, what were the actual direct labor hours worked? Actual hours worked I If the labor price variance was $15,616 favorable, what was the actual rate per hour? (Round answer to 2 decimal places, e.g. 2.75.) Actual rate per hour $ If total budgeted manufacturing overhead was $329,868 at normal capacity, what was the predetermined overhead rate? (Round answer to 2 decimal places, e.g. 2.75.) Predetermined overhead rate $1 What was the standard cost per unit of product? (Round answer to 2 decimal places, e.g. 2.75.) Standard cost per unit $ How much overhead was applied to production during the year? Overhead applied $ Using one or more answers above, what were the total costs assigned to work in process? Total costs assigned $