Hart Labs, Inc. provides mad cow disease testing for both state and federal governmental agricultural agencies. Because the company's customers are governmental agencies, prices are strictly regulated. Therefore, Hart Labs must constantly monitor and control its testing costs. Shown below are the standard costs for a typical test. Direct materials (2 test tubes @ $1.50 per tube) Direct labor (1 hour @ $32 per hour) Variable overhead (1 hour @ $6.00 per hour) Fixed overhead (1 hour @ $12.00 per hour) Total standard cost per test The lab does not maintain an inventory of test tubes. As a result, the tubes purchased each month are used that month. Actual activity for the month of November 2020, when 1,300 tests were conducted, resulted in the following. Direct materials (2,730 test tubes) Direct labor (1,365 hours) Variable overhead Fixed overhead Ser $3.00 32.00 6.00 12.00 $53.00 $3,822 40,950 7,488 14,872 Monthly budgeted fixed overhead is $16,320. Revenues for the month were $85,800, and selling and administrative expenses were $4,600. > ✔ HART LABS, INC. Income Statement

Hart Labs, Inc. provides mad cow disease testing for both state and federal governmental agricultural agencies. Because the company's customers are governmental agencies, prices are strictly regulated. Therefore, Hart Labs must constantly monitor and control its testing costs. Shown below are the standard costs for a typical test. Direct materials (2 test tubes @ $1.50 per tube) Direct labor (1 hour @ $32 per hour) Variable overhead (1 hour @ $6.00 per hour) Fixed overhead (1 hour @ $12.00 per hour) Total standard cost per test The lab does not maintain an inventory of test tubes. As a result, the tubes purchased each month are used that month. Actual activity for the month of November 2020, when 1,300 tests were conducted, resulted in the following. Direct materials (2,730 test tubes) Direct labor (1,365 hours) Variable overhead Fixed overhead Ser $3.00 32.00 6.00 12.00 $53.00 $3,822 40,950 7,488 14,872 Monthly budgeted fixed overhead is $16,320. Revenues for the month were $85,800, and selling and administrative expenses were $4,600. > ✔ HART LABS, INC. Income Statement

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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