Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jul 19, 2023

XYZ Co. has decided to use a standard cost system within the company. The following is data regarding the standard setting that has been

XYZ Co. has decided to use a standard cost system within the company. The following is data regarding the standard setting that has been determined in 2021: Price of raw materials per kg @ 10,000 Quantity of raw materials 20 kg/unit Wages for direct labor/ hour 19,000/ DLH Quantity of direct labor 8 DLH/unit Variable factory overhead rate of 5,000/ DLH Fixed factory overhead rate of 7,500/ DLH Based on company data XYZ Co. above, then calculate the standard cost per unit!

Step by Step Solution

★★★★★

3.28 Rating (151 Votes )

There are 3 Steps involved in it

Step: 1

For direct materials the standard cost per unit is Price of raw materials per k... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Management Accounting Information for Decision-Making and Strategy Execution

Authors: Anthony A. Atkinson, Robert S. Kaplan, Ella Mae Matsumura, S. Mark Young

6th Edition

137024975, 978-0137024971

More Books

Students also viewed these Accounting questions

Question

★★★★★

At the end of the current period, Rogers Company reports the following amounts: Assets = $29,000; Liabilities = $14,000; Dividends = $2,500; Income = $22,000; Expenses = $11,000. Calculate net income...

Answered: 1 week ago

Question

★★★★★

Wakky Company produces widgets. In the table below, the company has begun the calculation of the standard cost to make one widget. Using the standard manufacturing overhead data provided, complete...

Answered: 1 week ago

Question

★★★★★

Simon's monthly take -home pay (after taxes ) is $2300. If he pays 18% of his gross pay (before taxes ) in tax, what is his gross pay?

Answered: 1 week ago

Question

★★★★★

Define and explain the Bioptic Telescope

Answered: 1 week ago

Question

★★★★★

The investments committee of your church has come to you for advice. One of the stocks held by the church has paid cash dividends for years. This year, the company issued a 10% stock dividend, so...

Answered: 1 week ago

Question

★★★★★

Analyzing Employee Benefits. Talk with people employed in various types of organizations. Prepare a list of the most common types of employee benefits received by workers. Using Personal Financial...

Answered: 1 week ago

Question

★★★★★

When fitting a simple linear regression model, what is a (a) a residual? (b) a standardized residual? (c) an unusually large value of a standardized residual?

Answered: 1 week ago

Question

★★★★★

Following is the unadjusted trial balance for Alcorn Institute as of December 31, 2011, which initially records prepaid expenses and unearned revenues in balance sheet accounts. The Institute...

Answered: 1 week ago

Question

★★★★★

Timpanogos Incorporated is an accrual-method, calendar-year corporation. For 2021, it reported financial statement income after taxes of $1,570,140. Timpanogos provided the following information...

Answered: 1 week ago

Question

★★★★★

Antelopes, native to Africa and Asia, range in size from 30 cm to over 180 cm at the shoulder, with most between 90-120 cm. This is related to the humerus length. The data below gives the length and...

Answered: 1 week ago

Question

★★★★★

Here is a data set summarized as a stem-and-leaf plot: 6# | 0011356689 7# | 0001112444567788 8# | 05577 9# | 024 How many data values are in this data set? n=n= How many of the original values are...

Answered: 1 week ago

Question

★★★★★

Prepare a cash budget for each of the six months ended 31 December 2021 (b) Prepare the forecast income statement for the six months ended 31 December 2021. (c) Explain THREE (3) purposes of...

Answered: 1 week ago

Question

★★★★★

Q5 24 Points Consider a finite one-period financial model with trading times {0, 1} and sample space = {w, w}. Let V1,..., V" denote securities whose payments at time 1 are given by V (wi)={ 1 i=j 0...

Answered: 1 week ago

Question

★★★★★

Riverside Growers Corp manufactures garden tools in a factory in Taneytown, Maryland. Recently, the company designed a collection of tools for professional use rather than consumer use. Management...

Answered: 1 week ago

Question

★★★★★

Complete the cost card based on the following budgeted data for 8,000 units: Sales 350,000 Direct labour (10 per hour) 40,000 Direct materials (11.25kgs per unit) 180,000 Variable production cost...

Answered: 1 week ago

Question

★★★★★

Consider a set of samples {x1, x2,...,xN} that are independent and identically distributed (i.i.d.) according to a Gaussian distribution p(xi) = G (x;; , o), where i = 1, 2,..., N. Recall that the...

Answered: 1 week ago

Question

★★★★★

in the eary partof 2018, the partners of Hugn, Jacobs, and Thomas sougt assistance from10cal accountant They had begun business in 2017 But hed never used an bccountant's services. new Hugh and...

Answered: 1 week ago

Question

★★★★★

On March 31, 2018, Gardner Corporation received authorization to issue $30,000 of 9 percent, 30-year bonds payable. The bonds pay interest on March 31 and September 30. The entire issue was dated...

Answered: 1 week ago

Question

★★★★★

Why are nonfinancial measures alone insufficient for managing relationships with customers?

Answered: 1 week ago

Question

★★★★★

Airport Coach Service Company operates scheduled coach service from Boston's Logan Airport to downtown Boston and to Cambridge. A common scheduling service center at the airport is responsible for...

Answered: 1 week ago

Question

★★★★★

Kwik Clean handles both commercial laundry and individual customer dry cleaning. Kwik Cleans current dry cleaning process involves emitting a pollutant into the air. In addition, the commercial...

Answered: 1 week ago

Question

★★★★★

An eight-year note for $3800 with interest at 11% compounded semiannually was sold after three years and three months to yield the buyer 14% compounded quarterly. What price did the buyer pay?

Answered: 1 week ago

Question

★★★★★

The contract for a $4000 loan at 9% compounded quarterly requires two payments. The first payment of $2000 is required two years after the date of the loan. (It is applied to the balance owed after...

Answered: 1 week ago

Question

★★★★★

Sun Life Financial offers a five-year compound-interest GIC earning rates of 2.5%, 3%, 3.5%, 4.25%, and 5% in successive years. Manulife offers a similar GIC paying rates of 2.75%, 3.25%, 3.5%, 4%,...

Answered: 1 week ago

Previous Question Next Question