Question 1)Crazy Delicious Inc. produces chocolate bars. The primary materials used in producing chocolate bars are cocoa, sugar, and milk. The standard cost for a batch of chocolate (2,880 bars) are as follows:IngredientQuantityPriceCocoa540lbs$0.30 per lb.Sugar150lbs$0.60 per lb.Milk120gal$1.50 per gal.Determine thte standard direct materials cost per bar of chocolate. If required, round to the nearest cent.$_______ per bar__________________________________________________________Question 2) Refer to the picture Standard Product CostAtlas Furniture Company manufactures designer home furniture. Atlas uses a standard cost system. The direct labor, direct materials, and factory overhead standards for an unfinished dining room table are asfollows:Direct labor:standard rate$17.00 per hr.standard time per unit3.5 hrs.Direct materials (oak):standard price$8.50 per bd. ft.standard quantity19 bd. ft.Variable factory overhead:standard rate$3.20 per direct labor hr.Fixed factory overhead:standard rate$0.80 per direct labor hr.a. Determine the standard cost per dining room table. If required, round your answer to two decimal places.per table

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Business

Accounting

standard direct materials cost per bar of chocolate

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 2PB: The following product costs are available for Kellee Company on the production of eyeglass frames:...

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The following product costs are available for Kellee Company on the production of eyeglass frames: direct materials, $32,125; direct labor, $23.50; manufacturing overhead, applied at 225% of direct labor cost; selling expenses, $22,225; and administrative expenses, $31,125. The direct labor hours worked for the month are 3,200 hours. A. What are the prime costs? B. What are the conversion costs? C. What is the total product cost? D. What is the total period cost? E. If 6.425 equivalent units are produced, what is the equivalent material cost per unit? F. What is the equivalent conversion cost per unit?
Standard Product Cost Designer Furniture Company manufactures designer home furniture. Designer Furniture uses a standard cost system. The direct labor, direct materials, and factory overhead standards for a finished dining room table are as follows: Direct labor: Direct materials (oak): Variable factory overhead: Fixed factory overhead: standard rate standard time per unit standard price standard quantity standard rate standard rate $17.00 per hr. 2.00 hrs. $8.50 per bd. ft. 17 bd. ft. $3.20 per direct labor hr. $1.20 per direct labor hr. a. Determine the standard cost per dining room table. Round to two decimal places. per table b. A standard cost system provides the company's management a cost control tool using the principle of management by exception ✓. Using this principle, major deviations from standards can be investigated and corrected. ✓ cost
Standard Product Cost Atlas Furniture Company manufactures designer home furniture. Atlas uses a standard cost system. The direct labor, direct materials, and factory overhead standards for an unfinished dining room table are as follows: Direct labor: standard rate $15.00 per hr. standard time per unit 2 hrs. Direct materials (oak): standard price $11.50 per bd. ft. standard quantity 18 bd. ft. Variable factory overhead: standard rate $2.80 per direct labor hr. Fixed factory overhead: standard rate $0.80 per direct labor hr. a. Determine the standard cost per dining room table. If required, round your answer to two decimal places. per table b. A standard cost system provides Atlas Furniture Company's management a cost control tool using the principle of .Using this principle, cost deviations from standards can be investigated and corrected.
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Standard Product Cost Atlas Furniture Company manufactures designer home furniture. Atlas uses a standard cost system. The direct labor, direct materials, and factory overhead standards for an unfinished dining room table are as follows: Direct labor: standard rate $16.00 per hr. standard time per unit 3.5 hrs. Direct materials (oak): standard price $12.00 per bd. ft. standard quantity 17 bd. ft. Variable factory overhead: standard rate $2.40 per direct labor hr. Fixed factory overhead: standard rate $1.20 per direct labor hr. a. Determine the standard cost per dining room table. If required, round your answer to two decimal places.$per table b. A standard cost system provides Atlas Furniture Company’s management a cost control tool using the principle of . Using this principle, cost deviations from standards can be investigated and corrected.
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