Lacrue Incorporated Has Provided the Following Data Concerning One of the Products

question 280

Multiple Choice

Lacrue Incorporated 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. The actual output for the period was 3,700 units.The total standard cost per unit is closest to:

• A) $55.03 per unit
• B) $43.45 per unit
• C) $56.52 per unit
• D) $44.97 per unit

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Definitions:

Posting

The act of recording financial transactions in the appropriate ledger accounts as part of the accounting process.

Analyzing Business Transactions

The process of reviewing, categorizing, and interpreting the financial activities within a business to understand their impact on the financial statements.

Preparing Closing Entries

The procedure of transferring all income statement balances to permanent accounts at the end of an accounting period to prepare for the next period.

Fiscal Year

A one-year period that companies use for financial reporting and budgeting, which does not necessarily align with the calendar year.