Problems 1. Use the following standard cost card for 1 gallon of ice cream to answer the questions. Product: Gallon of Ice Cream Manufacturing Costs Direct Materials Cream Sugar Direct Labor Total Direct Costs ● Standard Cost Card Standard Quantity 5 quarts 16 ounces 3 minutes x Standard Cost per Unit $1.15 per quart $.08 per ounce $36.00 per hour Actual direct costs incurred to make 50 gallons of ice cream: 275 quarts of cream at $1.05 per quart 832 ounces of sugar at $0.075 per ounce 165 minutes of labor at $37 per hour All material used was bought during the current period. = Cost Summary $5.75 $1.28 $1.80 $8.83

Problems 1. Use the following standard cost card for 1 gallon of ice cream to answer the questions. Product: Gallon of Ice Cream Manufacturing Costs Direct Materials Cream Sugar Direct Labor Total Direct Costs ● Standard Cost Card Standard Quantity 5 quarts 16 ounces 3 minutes x Standard Cost per Unit $1.15 per quart $.08 per ounce $36.00 per hour Actual direct costs incurred to make 50 gallons of ice cream: 275 quarts of cream at $1.05 per quart 832 ounces of sugar at $0.075 per ounce 165 minutes of labor at $37 per hour All material used was bought during the current period. = Cost Summary $5.75 $1.28 $1.80 $8.83

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Description: Problems1. Use the following standard cost card for 1 gallon of ice cream to answer the questions.Product: Gallon of Ice CreamManufacturing CostsDirect MaterialsCreamSugarDirect LaborTotal Direct CostsKStandard Cost CardStandard Quantity5 quarts16 o

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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