a. Record the following items: i. May 3. Direct materials, $862.50. Req. No. 392. ii. May 3. Direct labor, $129.00. iii. May 4. Direct labor, $248.00. iv. May 5. Direct materials, $472.50. Req. No. 399. May 5. Direct labor, $175.00. May 6. Direct labor, $192.00. vii. May 7. Direct labor, $295.00. viii. May 10. Direct materials, $360.00. Req. No. 428. v. vi. ix. May 10. Direct labor, $165.00. x. May 11. Direct labor, $152.00. xi. May 12. Direct labor, $124.00. b. Complete the cost sheet by totaling the Direct Labor and Direct Materials columns, calculating total cost using those totals and the factory overhead rate answer from step 3, and calculating cost per unit.

a. Record the following items: i. May 3. Direct materials, $862.50. Req. No. 392. ii. May 3. Direct labor, $129.00. iii. May 4. Direct labor, $248.00. iv. May 5. Direct materials, $472.50. Req. No. 399. May 5. Direct labor, $175.00. May 6. Direct labor, $192.00. vii. May 7. Direct labor, $295.00. viii. May 10. Direct materials, $360.00. Req. No. 428. v. vi. ix. May 10. Direct labor, $165.00. x. May 11. Direct labor, $152.00. xi. May 12. Direct labor, $124.00. b. Complete the cost sheet by totaling the Direct Labor and Direct Materials columns, calculating total cost using those totals and the factory overhead rate answer from step 3, and calculating cost per unit.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Little Company uses a standard costing system. The following monthly cost functions apply to its manufacturing overhead items: Cost Function PO.80 per DLH P1.00 per DLH P0.40 per DLH P8,000 P32,000 Overhead Item Indirect materials Indirect labor Utilities Insurance Depreciation Information for the month of October is as follows: Actual overhead costs incurred: Indirect materials P20,800 24,000 9,600 8,800 32,000 P95,200 Indirect labor Utilities Insurance Depreciation Total Actual direct labor hours worked 24,000 Standard direct labor hours allowed for production achieved 27,000 Little uses expected capacity to calculate standard overhead rates. The monthly expected capacity is 25,000 hours. Required: а. Calculate the following standard overhead rates based upon expected capacity:
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