Kansas Company uses a standard cost accounting system. In 2014, the company produced 27,800 units. Each unit took several pounds of direct materials and 1.6 standard hours of direct labor at a standard hourly rate of $13.00. Normal capacity was 50,330 direct labor hours. During the year, 132,000 pounds of raw materials were purchased at $0.94 per pound. All materials purchased were used during the year.
(a) If the materials price variance was $2,640 favorable, what was the standard materials price per pound? (Round answer to 2 decimal places, e.g. 2.75.)
Standard materials price per pound : $_______
(b) If the materials quantity variance was $17,299 unfavorable, what was the standard materials quantity per unit? (Round answer to 1 decimal places, e.g. 1.5.)
Standard materials quantity per unit: ________
(c) What were the standard hours allowed for the units produced?
Standard hours allowed are: _______
(d) If the labor quantity variance was $8,970 unfavorable, what were the actual direct labor hours worked?
Actual hours worked: ______
(e) If the labor price variance was $10,389 favorable, what was the actual rate per hour? (Round answer to 2 decimal places, e.g. 2.75.)
Actual rate per hour: $______
(f) If total budgeted manufacturing overhead was $342,244 at normal capacity, what was the predetermined overhead rate? (Round answer to 2 decimal places, e.g. 2.75.)
Predetermined overhead rate: $______
(g) What was the standard cost per unit of product? (Round answer 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: $_____