XYZ Company Produces High Quality Widgets A)Calculate the Standard Cost of Producing 400 High Quality Widgets

question 4

Essay

XYZ Company produces high quality widgets.Three raw materials are converted into the finished product by two labor groups.Manufacturing overhead is applied to finished units based on direct labor hours.The following standards have been established for each widget produced:
$$\begin{array} { | l | l | } \hline \text { Raw material \#1 } & 50 \mathrm { lbs } @ \$ 6.50 / \mathrm { lb } \\\hline \text { Raw material \#2 } & 24 \mathrm { ft } @ \$ 4.75 / \mathrm { ft } \\\hline \text { Raw material \#3 } & 1 \text { container } 916.00 \\\hline \text { Labor group \#1 } & 3 \mathrm { hrs } @ \$ 20.00 / \mathrm { hr } \\\hline \text { Labor group \#2 } & 1.5 \mathrm { hrs } @ \$ 30.00 \mathrm { hr } \\\hline \text { Manufacturing overhead } & \$ 20.00 / \mathrm { dhr } \\\hline\end{array}$$
a)Calculate the standard cost of producing 400 high quality widgets.

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Definitions:

Contour Intervals

The vertical distance or difference in elevation between contour lines on a map.

Shaded Relief Map

A type of map that uses shading and shadows to show the topography or elevation changes on the surface of the Earth.

Simulating Light

involves the use of artificial sources or techniques to mimic the properties of natural light for various applications.

Shaded-Relief Map

A type of map that uses shading and variations in light to depict the topography and relief of an area, highlighting features like mountains and valleys.