Labor Data for Making One Pound of Finished Product in Curling

question 30

Essay

Labor data for making one pound of finished product in Curling Co. are as follows: (1) Price-hourly wage rate $11.00 payroll taxes $1.80 and fringe benefits $1.20. (2) Quantity-actual production time 1.1 hours rest periods and clean up 0.25 hours and setup and downtime 0.15 hours.
Instructions
Compute the following.
(a) Standard direct labor rate per hour.
(b) Standard direct labor hours per pound.
(c) Standard cost per pound.

---

Definitions:

Wheat Farmer

An agriculturist specialized in the cultivation of wheat crops.

Marginal Cost

The increase in total production cost that arises from producing one additional unit of a good or service, providing insight into the cost mechanics of scaling up operations.

Competitive

A market characteristic where multiple firms or entities vie for customers, influencing prices, quality, and services in the process.

Market Price

Market Price is the current price at which a good or service can be bought or sold in a marketplace.