FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Inventory Accounting
Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.
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[The following information applies to the questions displayed below.] A manufactured product has the following information for June. Standard Quantity and Cost Actual Results Direct materials 6 pounds @ $8 per pound 48,500 pounds @ $8.10 per pound Direct labor 2 DLH @ $16 per DLH 15,700 hours @ $16.50 per hour Overhead 2 DLH @ $12 per DLH $ 198,000 Units manufactured 8,000 units (1) Prepare the standard cost card showing standard cost per unit. (2) Compute total budgeted cost for June
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Transcribed Image Text:[The following information applies to the questions displayed below.] A manufactured product has the following information for June. Standard Quantity and Cost Actual Results Direct materials 6 pounds @ $8 per pound 48,500 pounds @ $8.10 per pound Direct labor 2 DLH @ $16 per DLH 15,700 hours @ $16.50 per hour Overhead 2 DLH @ $12 per DLH $ 198,000 Units manufactured 8,000 units (1) Prepare the standard cost card showing standard cost per unit. (2) Compute total budgeted cost for June
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