Standard Cost System-Using Variance Data

question 63

Essay

Standard cost system-using variance data
During its first month of operations, the Beech Company charged Work-in-Process Inventory with $40,000 of direct materials, $46,000 of direct labor costs, and $80,000 of manufacturing overhead costs. Beech Company uses a standard cost system, and the variances at the end of this first month are as follows:
(a) Compute the actual cost of direct materials placed into production during the month. $________________
(b) Compute the actual cost of direct labor hours worked during this month. $________________
(c) Compute the actual cost of manufacturing overhead for this month. $________________
(d) Assume that the balance in the Work-in-Process account is $6,000 at the end of this first month. If total standard unit cost is $20 per unit, the number of units completed during this month and transferred to Finished Goods Inventory is _______________ units.

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Definitions:

Niche Market

A small market segment that consists of customers with specific needs and requirements.

Segment

A portion or part of something that is separated or distinct from the whole, often used in reference to markets or data.

Specific Needs

Particular requirements or conditions needed by an individual or group for their well-being or to achieve certain outcomes.

Lack of Access

The unavailability or inability to obtain necessary resources, services, or opportunities, often due to economic, social, or geographical barriers.