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c) What were the standard hours allowed for the units produced? Standard hours allowed hours

c) What were the standard hours allowed for the units produced? Standard hours allowed hours

Cornerstones of Cost Management (Cornerstones Series)
Cornerstones of Cost Management (Cornerstones Series)
4th Edition
ISBN:9781305970663
Author:Don R. Hansen, Maryanne M. Mowen
Publisher:Don R. Hansen, Maryanne M. Mowen
Chapter2: Basic Cost Management Concepts
Section: Chapter Questions
Problem 13E: Wyandotte Company provided the following information for the last calendar year: During the year,...
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Lily Company uses a standard cost accounting system. In 2025, 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 $13.00. Normal capacity was 49,900 direct labor hours. During the year, 131,200 pounds of raw materials were purchased at $0.94 per pound. All materials purchased were used during the year. (a) If the materials price variance was $1,312 favorable, what was the standard materials price per pound? (Round answer to 2 decimal places, e.g. 2.75.) Your answer is correct. (b) Standard materials price per pound $ (c) eTextbook and Media Your answer is correct. If the materials quantity variance was $17,100 unfavorable, what was the standard materials quantity per unit? Standard materials quantity per unit eTextbook and Media What were the standard hours allowed for the units produced? Standard hours allowed 0.95 hours 4 Attempts: 1 of 5 used pounds Attempts: 4 of 5 used
Transcribed Image Text:Lily Company uses a standard cost accounting system. In 2025, 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 $13.00. Normal capacity was 49,900 direct labor hours. During the year, 131,200 pounds of raw materials were purchased at $0.94 per pound. All materials purchased were used during the year. (a) If the materials price variance was $1,312 favorable, what was the standard materials price per pound? (Round answer to 2 decimal places, e.g. 2.75.) Your answer is correct. (b) Standard materials price per pound $ (c) eTextbook and Media Your answer is correct. If the materials quantity variance was $17,100 unfavorable, what was the standard materials quantity per unit? Standard materials quantity per unit eTextbook and Media What were the standard hours allowed for the units produced? Standard hours allowed 0.95 hours 4 Attempts: 1 of 5 used pounds Attempts: 4 of 5 used
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