The Company's Accountant Developed the Data Given Below for Product

question 29

Short Answer

The company's accountant developed the data given below for Product X for the year 2019. Use this information to calculate the answers to the questions that follow.
Total budgeted production: 10,000 units
Raw materials: 5 units of raw materials, costing $1.75 per unit, required for each unit of finished goods
Direct labor: 4 hours of labor at the rate of $12 per hour required for each unit of finished goods
Mfg. overhead: $70,000 budgeted for 10,000 units of finished goods
1. What is the standard cost per unit of product for materials?
2. What is the standard cost per unit of product for labor?
3. What is the standard cost per unit of product for overhead?
4. What is the total standard cost per unit of product?

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Definitions:

Debris

Dispersed pieces, usually from something that has been demolished or ruined.

Personal Service

A service focusing on personalized care or attention, typically provided directly to an individual.

Lawsuit

A legal case where a party seeks to enforce or defend a legal right through a court process.

Assignment

The transfer of rights, duties, or interests under a contract from one party to another.