Kansas Company uses a standard cost accounting system. In 2014, the company prod
ID: 2472276 • Letter: K
Question
Kansas Company uses a standard cost accounting system. In 2014, the company produced 28,000 units. Each unit took several pounds of direct materials and 1.6 standard hours of direct labor at a standard hourly rate of $12.00. Normal capacity was 50,280 direct labor hours. During the year, 130,600 pounds of raw materials were purchased at $0.93 per pound. All materials purchased were used during the year.
(a)
If the materials price variance was $1,306 favorable, what was the standard materials price per pound? (Round answer to 2 decimal places, e.g. 2.75.)
0.94.
(b)
If the materials quantity variance was $4,324 unfavorable, what was the standard materials quantity per unit? (Round answer to 1 decimal places, e.g. 1.5.)
(c)
What were the standard hours allowed for the units produced?
(d)
If the labor quantity variance was $7,320 unfavorable, what were the actual direct labor hours worked?
?e?
If the labor price variance was $9,990 favorable, what was the actual rate per hour? (Round answer to 2 decimal places, e.g. 2.75.)
(f)
If total budgeted manufacturing overhead was $372,072 at normal capacity, what was the predetermined overhead rate? (Round answer to 2 decimal places, e.g. 2.75.)
(g)
What was the standard cost per unit of product? (Round answer to 2 decimal places, e.g. 2.75.)
(h)
How much overhead was applied to production during the year?
(i)
Using one or more answers above, what were the total costs assigned to work in process?
Kansas Company uses a standard cost accounting system. In 2014, the company produced 28,000 units. Each unit took several pounds of direct materials and 1.6 standard hours of direct labor at a standard hourly rate of $12.00. Normal capacity was 50,280 direct labor hours. During the year, 130,600 pounds of raw materials were purchased at $0.93 per pound. All materials purchased were used during the year.
(a)
Your answer is correct.If the materials price variance was $1,306 favorable, what was the standard materials price per pound? (Round answer to 2 decimal places, e.g. 2.75.)
Standard materials price per pound0.94.
Explanation / Answer
Using one or more answers above, what were the total costs assigned to work in process
Total costs assigned?
Number of units produced 28,000
Standard cost per unit 35.27
Total costs assigned $987,560 (28,000 x $35.27)
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