29 Jun Question The company manufactur
Question
The company manufactures a single product in which variable manufacturing overhead is assigned on
the basis of direct labor hours in which the company uses a standard cost system and has established the
following standards for one unit of product:
The direct materials for each had the standard quantity (each) of 3.0 pounds, standard price (each) of $3.80 per pound and the standard cost (each) of $11.40. The direct labor for each had the standard quantity (each) of 0.75 hours at the standard rate of $12.00 per hour and the standard cost of $9.00. The Variable manufacturing overhead had standard quantity of 0.75 hours, standard price of $10.00 per hour and standard cost of $7.50. The company provided the following information: Number of units produced is 12,500; Direct labor hours incurred is 10,200; Pounds of direct materials purchased is 42,000; Pounds of direct materials used in production is 38,200; Cost of direct materials purchased is $157,920; Direct labor cost is $119,850 and Variable overhead cost is $98,940.
What is the AQ, SQ, AP, SP, AH, AR, SR, and SH?
AQ= actual quantity, SQ= standard quantity, AP= actual price, SP= standard price,
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