Maria Company uses both standards and budgets. For the year, estimated production of Product X is 597,000 units. Total estimated cost for materials and labor are $1,194,000 and $1,671,600respectively. Compute the estimates for (a) a standard cost and (b) a budgeted cost. (Round standard costs to 2 decimal places, e.g. 1.25.)         Materials   Labor (a)   Standard cost   $enter a dollar amount rounded to 2 decimal places   $enter a dollar amount rounded to 2 decimal places (b)   Budgeted cost   $enter a dollar amount   $enter a dollar amount

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Maria Company uses both standards and budgets. For the year, estimated production of Product X is 597,000 units. Total estimated cost for materials and labor are $1,194,000 and $1,671,600respectively.

Compute the estimates for (a) a standard cost and (b) a budgeted cost. (Round standard costs to 2 decimal places, e.g. 1.25.)

       
Materials
 
Labor
(a)
 
Standard cost
 
$enter a dollar amount rounded to 2 decimal places
 
$enter a dollar amount rounded to 2 decimal places
(b)
 
Budgeted cost
 
$enter a dollar amount
 
$enter a dollar amount
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