Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. antuatica uses a standard cost system for material

Antuatica uses a standard cost system for materials and labor in producing small fishing boats....

90.2K

Verified Solution

Question

Accounting

Antuatica uses a standard cost system for materials and labor in producing small fishing boats. Production requires fiberglass, paint and a purchased trim package as well as direct as follows:

2,000 pounds of fiberglass @ $1.80 per pound

$3,600

6 quarts of gel coat paint @ $15 per quart

90

1 trim package

200

40 hours of labor @ $25 per hour

1,000

Standard cost for DM and DL

$4,890

The following actual data related to the production of 600 boats was recorded in July

Materials Purchased on Account

Fiberglass 2,100,000 pounds @$1.83 per pound

Paint 1,000 gallons @$55.50 per gallon

Trim Packages 640 @ $205 per package

Materials Used

Fiberglass 1,380,000 pounds

Paint 924 gallons

Trim packages 608

Direct Labor Used

23,850 hours @ $23.50 per hour

  1. Determine the direct labor price and efficiency variances
  2. Prepare the direct labor journal entries

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

The following diagram shows two cell types a skin cell and an intestinal epithelial cell...

Biology
Q

7 In a theater there are 15 rows of chairs The first row has 20...

Basic Math
Q

Macmillan Learning Find the values of the six trigonometric functions of the angle One or...

Basic Math
Q

A4 A 44 24 45 29 27 f t 34 of of fo 34 34...

Basic Math
Q

Maya invested $5,000 in an account paying an interest rate of 3.9% compounded continuously. Assuming...

Basic Math
Q

Is x = 0 a valid potential solution to the equation log(x + 2) +...

Basic Math
Q

Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item...

Accounting
Q

When the business fails and assets are being divided, who receives first preference? Please explain?

Accounting
Q

The gross margin ratio: Select one: A. Indicates the percent of sales revenue remaining after...

Accounting
Q

Required information E11-4 (Algo) Reporting Stockholders' Equity LO11-1, 11-2, 11-3 [The following information applies to...

Accounting
Q

RRR Corporation has 100,000 shares outstanding with market value of $2 each. The market value...

Finance
Q

Which way (if any) does the Supply Curve shift if there is a decrease in...

Accounting