Standard Cost System-Using Variance Data

question 27

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:

Travelling Courts

Courts that move from place to place to hear and decide cases, typically found in regions where accessing a fixed court location is challenging.

Stare Decisis

The legal principle of determining points in litigation according to precedent, upholding previous judgments in similar cases to ensure consistency in law.

Civil Law System

A legal system originating in Europe, characterized by a comprehensive set of laws that are codified and serve as the primary source of law, with judges applying the codes rather than developing precedent.

Res Judicata

A legal principle that prevents a dispute that has been conclusively decided from being re-litigated between the same parties.