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:

Managerial Autonomy

The degree of freedom and independence a manager has in making decisions and setting strategies within an organization.

Follower Readiness

A concept in leadership that evaluates the extent to which followers have the ability and willingness to accomplish a specific task.

Contingency Variables

Factors or conditions that can influence the outcome of a decision or action, suggesting that different situations require different responses or strategies.

Vroom-Jago Time-driven

A decision-making model that takes into account the importance of time in the effectiveness of certain leadership styles and decisions.