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The Oingo Boingo Company began operations on January 2, 2018. The standard costs for 201X were as follows: Direct Materials 2 lbs. per unit at
The Oingo Boingo Company began operations on January 2, 2018. The standard costs for 201X were as follows: Direct Materials 2 lbs. per unit at $5 per Ib. = $10.00 per unit Variable Overhead .6 machine hrs. per unit at $15 per hour = $9.00 per unit Direct Labor Overhead 1.1 hrs. per unit at $12 per hr. = $13.20 per unit Fixed .6 machine hrs. per unit at $20 per hour = $12 per unit Standard Cost Variances at the end of 2017 VOH DM price and quantity variances (netted together) $ 6,000 Unfav. spending and efficiency variances (netted together) $ 63,000 Fav. DL rate and efficiency variances (netted together) $ 45,000 Unfav. FOH budget and Prod. Vol. variances (netted together) $ 150,000 Unfav. The company actually produced 150,000 units during 201X. Actual costs for completed units during 2018 include $10.04 per unit for direct materials and $13.50 per unit for direct labor. You may assume that the predetermined overhead rates and standard overhead rates are the same per machine hour, but not per unit, just like the take-home quiz. The ending Finished Goods Inventory consisted of 10,000 units. The company had no Work in Process or Direct Materials inventories at the end of the year. There were 87,000 actual machine hours used during 2017, which is an average of.58 machine hours per unit. Actual overhead cost for 2017 was $1,287,000 for variable and $1,950,000 for fixed. All variances or under- (over) allocated overhead are closed totally to Cost of Goods Sold at the end of 201X. What is the cost of each unit in the ending Finished Goods inventory using actual absorption costing? Do NOT put a $ in your answer. Your answer should be in the format XX.XX. In other words, if you computed the answer to be $27.15, you should just put 27.15. Question 27 2.5 pts What is the cost of each unit in the ending Finished Goods inventory using standard variable costing? Again, do not put a $ in your answer. Your answer should be in the format XX.XX. Question 28 2.5 pts What is the cost of each unit in the ending Finished Goods inventory using normal variable costing? Do NOT put a $ in your answer. Your answer should be in the format XX.XX
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