[The following information applies to the questions displayed below.] A manufactured product has the following information for June. Standard Quantity and Cost Actual Results Direct materials 7 pounds @ $7 per pound 58,600 pounds @ $7.20 per pound Direct labor 2 DLH @ $16 per DLH 16,300 hours @ $16.50 per hour Overhead 2 DLH @ $12 per DLH $ 205,500 Units manufactured 8,300 units (1) Prepare the standard cost card showing standard cost per unit. (2) Compute total budgeted cost for June production. (3) Compute total actual cost for June production. (4) Compute total cost variance for June. Compute total budgeted cost for June production. Total budgeted (standard) cost Compute total actual cost for June production. Actual cost Compute total cost variance for June. (Indicate the effect of the variance by selecting favorable, unfavorable, or no variance.) Total cost variance
Process Costing
Process costing is a sort of operation costing which is employed to determine the value of a product at each process or stage of producing process, applicable where goods produced from a series of continuous operations or procedure.
Job Costing
Job costing is adhesive costs of each and every job involved in the production processes. It is an accounting measure. It is a method which determines the cost of specific jobs, which are performed according to the consumer’s specifications. Job costing is possible only in businesses where the production is done as per the customer’s requirement. For example, some customers order to manufacture furniture as per their needs.
ABC Costing
Cost Accounting is a form of managerial accounting that helps the company in assessing the total variable cost so as to compute the cost of production. Cost accounting is generally used by the management so as to ensure better decision-making. In comparison to financial accounting, cost accounting has to follow a set standard ad can be used flexibly by the management as per their needs. The types of Cost Accounting include – Lean Accounting, Standard Costing, Marginal Costing and Activity Based Costing.
[The following information applies to the questions displayed below.]
A manufactured product has the following information for June.
| Standard Quantity and Cost | Actual Results | ||
|---|---|---|---|
| Direct materials | 7 pounds @ $7 per pound | 58,600 | pounds @ $7.20 per pound |
| Direct labor | 2 DLH @ $16 per DLH | 16,300 | hours @ $16.50 per hour |
| 2 DLH @ $12 per DLH | $ 205,500 | ||
| Units manufactured | 8,300 | units |
(1) Prepare the
(2) Compute total budgeted cost for June production.
(3) Compute total actual cost for June production.
(4) Compute total cost variance for June.
Compute total budgeted cost for June production.
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Compute total actual cost for June production.
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Compute total cost variance for June. (Indicate the effect of the variance by selecting favorable, unfavorable, or no variance.)
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![[The following information applies to the questions displayed below.]
A manufactured product has the following Information for June.
Direct materials
Direct labor
Overhead
Units manufactured
(1) Prepare the standard cost card showing standard cost per unit.
(2) Compute total budgeted cost for June production.
(3) Compute total actual cost for June production.
(4) Compute total cost variance for June.
Standard Quantity and Cost
7 pounds @ $7 per pound
2 DLH@ $16 per DLH
2 DLH @ $12 per DLH
Complete this question by entering your answers in the tabs below.
Required 1
Required 2 Required 3 Required 4
Prepare the standard cost card showing standard cost per unit.
Direct materials
Direct labor
Overhead
Total
$
0
Actual Results
58,600 pounds @ $7.20 per pound
16,300 hours@ $16.50 per hour.
$ 205,500
8,300 units](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fcb3ad3ae-ff5d-4c19-9da1-80442e856ba1%2F7b860896-489a-41ce-9689-f907534df18c%2Fwq73pqm_processed.jpeg&w=3840&q=75)
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