Oklahoma Manufacturing Company uses a standard cost accounting system. In 2012, the company produced 28,500 units. Each unit took several pounds of direct materials and 1½ standard hours of direct labor at a standard hourly rate of $13.00. Normal capacity was 49,960 direct labor hours. During the year, 130,900 pounds of raw materials were purchased at $0.95 per pound. All materials purchased were used during the year.
Correct answers so far:
Standard Materials Price per pound: 0.96
Standard Materials Quantity Per Unit: 4.4
Standard Hours allowed: 42750
Actual Hours Worked: 43170
Actual Rate Per Hour: 12.75
Predetermined Overhead rate: 7.10
(g) What was the standard cost per unit of product? (Round answers to 2 decimal places, e.g. 2.75.)
Standard cost per unit $
(h) How much overhead was applied to production during the year?
Overhead applied $
(i) Using one or more answers above, what were the total costs assigned to work in process?
Total costs assigned $