A unit product cost includes: Multiple Choice Actual direct labor cost used by the job. Estimated...

A unit product cost includes:

Multiple Choice

Actual direct labor cost used by the job.
Estimated nonmanufacturing cost allocated to the job.
Actual nonmanufacturing cost allocated to the job.
Actual manufacturing overhead cost used by the job.

Expert Solution

ekkarill92 answered 2 years ago

1. The starting point for the Direct Labor Budget is: Multiple Choice the materials to be...

1. The starting point for the Direct Labor Budget is: Multiple Choice the materials to be purchased from the direct materials budget. the units to be sold from the sales budget. the ending inventory from the budgeted balance sheet. the units to be produced from the production budget. 2. Leaf Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on machine-hours. The company based its predetermined overhead rate for the current year on total fixed...

The standard cost of product 777 includes 2.70 units of direct materials at $5.80 per unit....

The standard cost of product 777 includes 2.70 units of direct materials at $5.80 per unit. During August, the company bought 28,500 units of materials at $5.90 and used those materials to produce 10,800 units. Compute the total, price, and quantity variances for materials. Total materials variance $ Neither favorable nor unfavorableFavorableUnfavorable Materials price variance $ ...

The standard cost of product 777 includes 2.40 units of direct materials at $6.80 per unit....

The standard cost of product 777 includes 2.40 units of direct materials at $6.80 per unit. During August, the company bought 29,300 units of materials at $7.05 and used those materials to produce 12,400 units. Compute the total, price, and quantity variances for materials. Total materials variance $ FavorableNeither favorable nor unfavorableUnfavorable Materials price variance $ ...

The following actual and standard cost data for direct material and direct labor relate to the...

The following actual and standard cost data for direct material and direct labor relate to the production of 2,000 units of a product: Actual Costs Standard Costs Direct material 21,450 lbs. @ $5.30 22,000 lbs. @ $5.10 Direct labor 34,100 hrs. @ $8.40 33,000 hrs. @ $8.70 Determine the following variances: Do not use negative signs with any of your answers. Next to each variance answer, select either "F" for Favorable or "U" for Unfavorable. Materials Variances Actual cost: $Answer...

ashton, inc.has the following cost data for product x: direct materials $43 per unit direct labor...

ashton, inc.has the following cost data for product x: direct materials $43 per unit direct labor 58 per unit variable manufacturing overhead 11 fixed manufacturing overhead 15,000 per year. calculate the unit product cost using absorption costing and variable costing when production is 500 units , 1000 units, and 1500 units. select the labels and enter the amounts to compute the unit product cost using absorption costing (if a box is not used in the table, leave the box empty....

The difference between the Actual cost and the Standard cost for direct labor is called: Select...

The difference between the Actual cost and the Standard cost for direct labor is called: Select one: A. Direct Labor Rate Variance B. Direct Labor Efficiency Variance C. Direct Labor Split Variance D. Direct Labor Flexible Budget Variance E. None of the above part 2 The difference between the split cost and the actual cost for direct materials is called the: Select one: A. Materials Price Variance B. Materials Efficiency Variance C. Materials Usage Variance D. Materials Budget Variance E....

Material and Labor Variances The following actual and standard cost data for direct material and direct...

Material and Labor Variances The following actual and standard cost data for direct material and direct labor relate to the production of 2,000 units of a product: Actual Costs Standard Costs Direct material 4,200 lbs. @ $4.90 4,000 lbs. @ $5.20 Direct labor 5,700 hrs. @ $9.30 6,000 hrs. @ $9.50 Determine the following variances: Do not use negative signs with any of your answers. Next to each variance answer, select either "F" for Favorable or "U" for Unfavorable. Materials...

Estimated manufacturing overhead $ 500,000 Actual manufacturing overhead $ 550,000 Estimated direct labor hours 10,000 hours...

Estimated manufacturing overhead $ 500,000 Actual manufacturing overhead $ 550,000 Estimated direct labor hours 10,000 hours Actual direct labor hours 10,500 13. Calculate the predetermined overhead allocation rate using direct labor hours as the allocation base. 14. Determine the amount of overhead allocated during the year. Record the journal entry. 15. Determine the amount of underallocated or overallocated overhead. Record the journal entry to adjust Manufacturing Overhead.

Actual quantity of direct labor 5,000 hours Actual direct labor rate $10 per hour Total direct...

Actual quantity of direct labor 5,000 hours Actual direct labor rate $10 per hour Total direct labor variance $8,600 Unfavorable . Direct labor rate variance $4,000 Unfavorable . Standard hours allowed per unit produced 2 hours Required: Find the following unknowns. a. Direct labor efficiency variance b. Standard rate per direct labor hour c. Actual quantity produced

Budgeted overhead cost $1,050,000 Estimated machine hours 50,000 Estimated direct labor hours 10,000 Estimated direct materials...

Budgeted overhead cost $1,050,000 Estimated machine hours 50,000 Estimated direct labor hours 10,000 Estimated direct materials cost $1,500,000 Maverick’s inventory count, completed on December 31, 2016, revealed the following ending inventory balances: Raw Materials Inventory $250,000 Work in Process Inventory $626,000 Finished Goods Inventory $340,000 The company’s 2017 payroll data revealed the following actual payroll costs for the year: Job Title Number Employed Wage Rate per Hour Annual Salary per Employee Total Hours Worked per Employee President and CEO 1...

Question