FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Exercise 21-7 (Algo) Standard cost per unit, total budgeted cost, and total cost variance LO P2
A manufactured product has the following information for August.
Direct materials
Direct labor
Overhead
Units manufactured
Total manufacturing costs
Standard Quantity and Cost
2 pounds per unit @ $4.00 per pound
0.5 hour per unit @ $28 per DLH
$30 per DLH
Actual Results
12,600 units
$ 460,400
(1) Prepare the standard cost card showing standard cost per unit.
(2) Compute total budgeted cost for production in August.
(3) Compute the total cost variance for August.
Complete this question by entering your answers in the tabs below.
Required 1 Required 2 Required 3
Prepare the standard cost card showing standard cost per unit. (Round your final answers to 2 decimal places.)
Inputs
Direct materials
Standard quantity or hours
pounds
x
Standard price or
rate
Standard
cost per unit
Direct labor
Overhead
DLH
×
DLH
×
< Required 1
Required 2 >
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Transcribed Image Text:Exercise 21-7 (Algo) Standard cost per unit, total budgeted cost, and total cost variance LO P2 A manufactured product has the following information for August. Direct materials Direct labor Overhead Units manufactured Total manufacturing costs Standard Quantity and Cost 2 pounds per unit @ $4.00 per pound 0.5 hour per unit @ $28 per DLH $30 per DLH Actual Results 12,600 units $ 460,400 (1) Prepare the standard cost card showing standard cost per unit. (2) Compute total budgeted cost for production in August. (3) Compute the total cost variance for August. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare the standard cost card showing standard cost per unit. (Round your final answers to 2 decimal places.) Inputs Direct materials Standard quantity or hours pounds x Standard price or rate Standard cost per unit Direct labor Overhead DLH × DLH × < Required 1 Required 2 >
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