Im completely lost on this one!! Kansas Company uses a standard cost accounting
ID: 2461416 • Letter: I
Question
Im completely lost on this one!!
Kansas Company uses a standard cost accounting system. In 2014, the company produced 27,600 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 50,270 direct labor hours. During the year, 130,200 pounds of raw materials were purchased at $0.96 per pound. All materials purchased were used during the year.
(a)
If the materials price variance was $3,906 favorable, what was the standard materials price per pound? (Round answer to 2 decimal places, e.g. 2.75.)
Standard materials price per pound
(b)
If the materials quantity variance was $16,870 unfavorable, what was the standard materials quantity per unit? (Round answer to 1 decimal places, e.g. 1.5.)
Standard materials quantity per unit
(c)
What were the standard hours allowed for the units produced?
Standard hours allowed are
(d)
If the labor quantity variance was $5,880 unfavorable, what were the actual direct labor hours worked?
Actual hours worked
(e)
If the labor price variance was $12,056 favorable, what was the actual rate per hour? (Round answer to 2 decimal places, e.g. 2.75.)
Actual rate per hour
(f)
If total budgeted manufacturing overhead was $371,998 at normal capacity, what was the predetermined overhead rate? (Round answer to 2 decimal places, e.g. 2.75.)
Predetermined overhead rate
(g)
What was the standard cost per unit of product? (Round answer to 2 decimal places, e.g. 2.75.)
Standard cost per unit
(h)
How much overhead was applied to production during the year?
Overhead applied
(i)
Using one or more answers above, what were the total costs assigned to work in process?
Total costs assigned
Explanation / Answer
Im completely lost on this one!! Kansas Company uses a standard cost accounting