[The following information applies to the questions displayed below.] A manufactured product has the following information for June. Standard Quantity and Cost 6 pounds @ $7 per pound 2 DLH@ $17 per DLH 2 DLH@ $11 per DLH Direct materials Direct labor Overhead Units manufactured Actual Results 44,300 pounds @ $7.20 per pound 14,400 hours @ $17.50 per hour $ 165,900 7,300 units Exercise 23-8 (Algo) Standard cost per unit, total budgeted and actual costs, and total c P2 (1) Prepare the standard cost card showing standard cost per unit. (2) Compute total budgeted cost for June production. (3) Compute total actual cost for June production. (4) Compute total cost variance for June.
Process Costing
Process costing is a sort of operation costing which is employed to determine the value of a product at each process or stage of producing process, applicable where goods produced from a series of continuous operations or procedure.
Job Costing
Job costing is adhesive costs of each and every job involved in the production processes. It is an accounting measure. It is a method which determines the cost of specific jobs, which are performed according to the consumer’s specifications. Job costing is possible only in businesses where the production is done as per the customer’s requirement. For example, some customers order to manufacture furniture as per their needs.
ABC Costing
Cost Accounting is a form of managerial accounting that helps the company in assessing the total variable cost so as to compute the cost of production. Cost accounting is generally used by the management so as to ensure better decision-making. In comparison to financial accounting, cost accounting has to follow a set standard ad can be used flexibly by the management as per their needs. The types of Cost Accounting include – Lean Accounting, Standard Costing, Marginal Costing and Activity Based Costing.
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Required information
Use the following information for the Exercises below. (Algo)
[The following information applies to the questions displayed below.]
A manufactured product has the following information for June.
Direct materials
Direct labor
Overhead
Units manufactured
(1) Prepare the standard cost card showing standard cost per unit.
(2) Compute total budgeted cost for June production.
(3) Compute total actual cost for June production.
(4) Compute total cost variance for June.
Exercise 23-8 (Algo) Standard cost per unit, total budgeted and actual costs, and total cost
P2
Required 1
Complete this question by entering your answers in the tabs below.
Standard Quantity and Cost
6 pounds @ $7 per pound
2 DLH @ $17 per DLH
2 DLH @ $11 per DLH
Required 2
Direct materials
Direct labor
Overhead
Total
$
Prepare the standard cost card showing standard cost per unit.
0
Required 3
Required 4
Actual Results
44,300 pounds @ $7.20 per pound.
14,400 hours @ $17.50 per hour
$ 165,900
7,300 units
Required 1
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Required 2 >
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