Use the following standard cost and actual information to calculate the cost of 1 gallon of ice cream to answer the questions below. Product: Gallon of Ice Cream Manufacturing Cost Information Standard Standard Cost Cost Quantity 6 quarts per Unit $1.00 per quart $38.00 per hour Summary $6.00 Direct Materials Direct Labor $1.90 $7.90 3 minutes Total Direct Costs Actual costs incurred to make 50 gallons of ice cream: • 275 quarts of cream at $1.05 per gallon • 165 minutes of labor at $37.00 per hour (60 minutes = 1 hour) (a) Calculate the material price variance
Use the following standard cost and actual information to calculate the cost of 1 gallon of ice cream to answer the questions below. Product: Gallon of Ice Cream Manufacturing Cost Information Standard Standard Cost Cost Quantity 6 quarts per Unit $1.00 per quart $38.00 per hour Summary $6.00 Direct Materials Direct Labor $1.90 $7.90 3 minutes Total Direct Costs Actual costs incurred to make 50 gallons of ice cream: • 275 quarts of cream at $1.05 per gallon • 165 minutes of labor at $37.00 per hour (60 minutes = 1 hour) (a) Calculate the material price variance
Chapter8: Standard Costs And Variances
Section: Chapter Questions
Problem 10PB: Use the following standard cost card for 1 gallon of ice cream to answer the questions. Actual...
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