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Standard Quantity Standard Price Standard or Hours ? or Rate $5.00 per yard Cost Direct materials $ ? Direct labor ? ? ? $2 per direct labor-hour Variable manufacturing overhead ? Total standard cost $? Overhead is applied to production on the basis of direct labor-hours. During March, 790 backpacks wer manufactured and sold. Selected information relating to the month's production is given below: Variable Manufacturing Overhead $2,528 $3,421 Materials Used Direct Labor $15,800 $13,120 $13,272 ? Total standard cost allowed* Actual costs incurred Materials price variance Materials quantity variance Labor rate variance ? $ 600 U ? ? Labor efficiency variance Variable overhead rate variance ? Variable overhead efficiency variance ? *For the month's production. The following additional information is available for March's production: 1,400 $0.10 F Actual direct labor-hours Difference between standard and actual cost per backpack produced during March Required: 1. What is the standard cost of a single backpack? Standard cost for March production: Materials Direct labor Variable manufacturing overhead Total standard cost Number of backpacks produced Standard cost of a single backpack

Standard Quantity Standard Price Standard or Hours ? or Rate $5.00 per yard Cost Direct materials $ ? Direct labor ? ? ? $2 per direct labor-hour Variable manufacturing overhead ? Total standard cost $? Overhead is applied to production on the basis of direct labor-hours. During March, 790 backpacks wer manufactured and sold. Selected information relating to the month's production is given below: Variable Manufacturing Overhead $2,528 $3,421 Materials Used Direct Labor $15,800 $13,120 $13,272 ? Total standard cost allowed* Actual costs incurred Materials price variance Materials quantity variance Labor rate variance ? $ 600 U ? ? Labor efficiency variance Variable overhead rate variance ? Variable overhead efficiency variance ? *For the month's production. The following additional information is available for March's production: 1,400 $0.10 F Actual direct labor-hours Difference between standard and actual cost per backpack produced during March Required: 1. What is the standard cost of a single backpack? Standard cost for March production: Materials Direct labor Variable manufacturing overhead Total standard cost Number of backpacks produced Standard cost of a single backpack

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
Chapter9: Standard Costing: A Functional-based Control Approach
Section: Chapter Questions
Problem 30P: Algers Company produces dry fertilizer. At the beginning of the year, Algers had the following...
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Standard Quantity Standard Price Standard or Hours ? or Rate $5.00 per yard Cost Direct materials $ ? Direct labor ? ? ? $2 per direct labor-hour Variable manufacturing overhead ? Total standard cost $? Overhead is applied to production on the basis of direct labor-hours. During March, 790 backpacks wer manufactured and sold. Selected information relating to the month's production is given below: Variable Manufacturing Overhead $2,528 $3,421 Materials Used Direct Labor $15,800 $13,120 $13,272 ? Total standard cost allowed* Actual costs incurred Materials price variance Materials quantity variance Labor rate variance ? $ 600 U ? ? Labor efficiency variance Variable overhead rate variance ? Variable overhead efficiency variance ? *For the month's production. The following additional information is available for March's production: 1,400 $0.10 F Actual direct labor-hours Difference between standard and actual cost per backpack produced during March Required: 1. What is the standard cost of a single backpack? Standard cost for March production: Materials Direct labor Variable manufacturing overhead Total standard cost Number of backpacks produced Standard cost of a single backpack
Transcribed Image Text:Standard Quantity Standard Price Standard or Hours ? or Rate $5.00 per yard Cost Direct materials $ ? Direct labor ? ? ? $2 per direct labor-hour Variable manufacturing overhead ? Total standard cost $? Overhead is applied to production on the basis of direct labor-hours. During March, 790 backpacks wer manufactured and sold. Selected information relating to the month's production is given below: Variable Manufacturing Overhead $2,528 $3,421 Materials Used Direct Labor $15,800 $13,120 $13,272 ? Total standard cost allowed* Actual costs incurred Materials price variance Materials quantity variance Labor rate variance ? $ 600 U ? ? Labor efficiency variance Variable overhead rate variance ? Variable overhead efficiency variance ? *For the month's production. The following additional information is available for March's production: 1,400 $0.10 F Actual direct labor-hours Difference between standard and actual cost per backpack produced during March Required: 1. What is the standard cost of a single backpack? Standard cost for March production: Materials Direct labor Variable manufacturing overhead Total standard cost Number of backpacks produced Standard cost of a single backpack
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