Jungman Inc. has provided the following data concerning one of the products in its standard cost system. Variable manufacturing overhead is applied to products on the basis of direct labor-hours.?InputsStandard Quantity or Hours per Unit of OutputStandard Price or Rate?Direct materials6.9 ounces$8.40 per ounce?Direct labor0.50 hours$18.50 per hour?Variable manufacturing overhead0.50 hours$5.00 per hourThe company produced 4,600 units of this product in November.Required:a. What is the total standard cost of one unit of this product?b. What was the standard ounces allowed for the actual output of this product in November?c. What was the standard hours allowed for the actual output of this product in November?
What will be an ideal response?
a.
| ? | ? | (a) Standard Quantity or Hours | (b) Standard Price or Rate | (a) × (b) Standard Cost | ||
| ? | Direct materials | 6.9 | ounces | $8.40 | per ounce | $57.96 |
| ? | Direct labor | 0.50 | hours | $18.50 | per hour | 9.25 |
| ? | Variable manufacturing overhead | 0.50 | hours | $5.00 | per hour | 2.50 |
| ? | Total standard cost per unit | ? | ? | ? | ? | $69.71 |
b. SQ = 4,600 units × 6.9 ounces per unit = 31,740 ounces
c. SH = 4,600 units × 0.50 hours per unit = 2,300 hours
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