Managerial Accounting: Tools for Business Decision Making
7th Edition
ISBN: 9781118334331
Author: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Publisher: WILEY
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Lily Company uses a standard cost accounting system. In 2025, the company produced 28,300 units. Each unit took several pounds of
direct materials and 1.6 standard hours of direct labor at a standard hourly rate of $13.00. Normal capacity was 49,900 direct labor
hours. During the year, 131,200 pounds of raw materials were purchased at $0.94 per pound. All materials purchased were used
during the year.
(a)
If the materials price variance was $1,312 favorable, what was the standard materials price per pound? (Round answer to 2 decimal
places, e.g. 2.75.)
(b)
Your answer is correct.
Standard materials price per pound $
(c)
eTextbook and Media
Your answer is correct.
If the materials quantity variance was $17,100 unfavorable, what was the standard materials quantity per unit?
Standard materials quantity per unit
(d)
eTextbook and Media
Your answer is correct.
What were the standard hours allowed for the units produced?
Standard hours allowed
eTextbook and Media
45,280 hours
Actual hours…
Lily Company uses a standard cost accounting system. In 2025, the company produced 28,300 units. Each unit took several pounds of
direct materials and 1.6 standard hours of direct labor at a standard hourly rate of $13.00. Normal capacity was 49,900 direct labor
hours. During the year, 131,200 pounds of raw materials were purchased at $0.94 per pound. All materials purchased were used
during the year.
(a)
If the materials price variance was $1,312 favorable, what was the standard materials price per pound? (Round answer to 2 decimal
places, e.g. 2.75.)
Standard materials price per pound $
(b)
Your answer is correct.
(c)
eTextbook and Media
✓ Your answer is correct.
Standard materials quantity per unit
If the materials quantity variance was $17,100 unfavorable, what was the standard materials quantity per unit?
(d)
eTextbook and Media
✓ Your answer is correct.
What were the standard hours allowed for the units produced?
Standard hours allowed
eTextbook and Media
Your answer is correct.…
Lily Company uses a standard cost accounting system. In 2025, the company produced 28,300 units. Each unit took several pounds of
direct materials and 1.6 standard hours of direct labor at a standard hourly rate of $13.00. Normal capacity was 49,900 direct labor
hours. During the year, 131,200 pounds of raw materials were purchased at $0.94 per pound. All materials purchased were used
during the year.
(a)
If the materials price variance was $1,312 favorable, what was the standard materials price per pound? (Round answer to 2 decimal
places, e.g. 2.75.)
Your answer is correct.
(b)
Standard materials price per pound $
(c)
eTextbook and Media
Your answer is correct.
If the materials quantity variance was $17,100 unfavorable, what was the standard materials quantity per unit?
Standard materials quantity per unit
eTextbook and Media
What were the standard hours allowed for the units produced?
Standard hours allowed
0.95
hours
4
Attempts: 1 of 5 used
pounds
Attempts: 4 of 5 used
Chapter 11 Solutions
Managerial Accounting: Tools for Business Decision Making
Ch. 11 - (a) Standard costs are the expected total cost of...Ch. 11 - (a) Explain the similarities and differences...Ch. 11 - Standard costs facilitate management planning....Ch. 11 - Standard costs facilitate management planning....Ch. 11 - Prob. 5QCh. 11 - What factors should be considered in setting (a)...Ch. 11 - The objective in setting the direct labor quantity...Ch. 11 - How is the predetermined overhead rate determined...Ch. 11 - What is the difference between a favorable cost...Ch. 11 - In each of the following formulas, supply the...
Ch. 11 - In the direct labor variance matrix, there are...Ch. 11 - Mikan Company's standard predetermined overhead...Ch. 11 - How often should variances be reported to...Ch. 11 - What circumstances may cause the purchasing...Ch. 11 - What are the four perspectives used in the...Ch. 11 - Prob. 16QCh. 11 - What are some examples of nonfinancial measures...Ch. 11 - (a) How are variances reported in income...Ch. 11 - (a) Explain the basic features of a standard cost...Ch. 11 - If the 9 per hour overhead rate in Question 12...Ch. 11 - What is the purpose of computing the overhead...Ch. 11 - Alma Ortiz does not understand why the overhead...Ch. 11 - John Hsu is attempting to outline the important...Ch. 11 - Lopez Company uses both standards and budgets. For...Ch. 11 - Tang Company accumulates the following data...Ch. 11 - Labor data for making one gallon of finished...Ch. 11 - Simba Company's standard materials cost per unit...Ch. 11 - Mordica Company's standard labor cost per unit of...Ch. 11 - In October, Pine Company reports 21,000 actual...Ch. 11 - Prob. 11.7BECh. 11 - Journalize the following transactions for Combs...Ch. 11 - Prob. 11.9BECh. 11 - Some overhead data for Pine Company are given in...Ch. 11 - Using the data in BE11-6 and BE11-10, compute the...Ch. 11 - Larkin Company accumulated the following standard...Ch. 11 - The standard cost of product 777 includes 2 units...Ch. 11 - The standard cost of product 5252 includes 1.9...Ch. 11 - Tropic Zone Corporation experienced the following...Ch. 11 - Parsons Company is planning to produce 2,000 units...Ch. 11 - Hank Itzek manufactures and sells homemade wine,...Ch. 11 - Stefani Company has gathered the following...Ch. 11 - Monte Services, Inc. is trying to establish the...Ch. 11 - The standard cost of Product B manufactured by...Ch. 11 - Lewis Company's standard labor cost of producing...Ch. 11 - Levine Inc., which produces a single product, has...Ch. 11 - The following direct materials and direct labor...Ch. 11 - You have been given the following information...Ch. 11 - During March 2017, Toby Tool Die Company worked...Ch. 11 - Manufacturing overhead data for the production of...Ch. 11 - Byrd Company produces one product, a putter called...Ch. 11 - Ceelo Company purchased (at a cost of 10,200) and...Ch. 11 - Picard Landscaping plants grass seed as the basic...Ch. 11 - Urban Corporation prepared the following variance...Ch. 11 - Fisk Company uses a standard cost accounting...Ch. 11 - The following is a list of terms related to...Ch. 11 - Indicate which of the four perspectives in the...Ch. 11 - Indicate which of the four perspectives in the...Ch. 11 - Vista Company installed a standard cost system on...Ch. 11 - Lopez Company uses a standard cost accounting...Ch. 11 - Data for Levine Inc. are given in E11-7....Ch. 11 - The information shown below was taken from the...Ch. 11 - Prob. 11.24ECh. 11 - Seacrest Company's overhead rate was based on...Ch. 11 - Rogen Corporation manufactures a single product....Ch. 11 - Ayala Corporation accumulates the following data...Ch. 11 - Rudd Clothiers is a small company that...Ch. 11 - Kansas Company uses a standard cost accounting...Ch. 11 - Hart Labs, Inc. provides mad cow disease testing...Ch. 11 - Jorgensen Corporation uses standard costs with its...Ch. 11 - Using the information in P11-1A, compute the...Ch. 11 - Using the information in P11-2A, compute the...Ch. 11 - Using the information in P11-3A, compute the...Ch. 11 - Using the information in P11-5A, compute the...Ch. 11 - CURRENT DESIGNS The executive learn at Current...Ch. 11 - Prob. 11.1BYPCh. 11 - Ana Carillo and Associates is a medium-sized...Ch. 11 - Glassmaster Company is organized as two divisions...Ch. 11 - Prob. 11.4BYPCh. 11 - Prob. 11.5BYPCh. 11 - Prob. 11.6BYPCh. 11 - At Symond Company production workers in the...Ch. 11 - Prob. 11.9BYP
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