Reference no: EM133186671
Question - LOVATO CORPORATION produces a product for which it sells for $70. The following standard cost record is available: Direct materials 3 lbs. @ $5/lb. Direct labor 4 hrs. @ $15/hr. Overhead Information: Production information: Budgeted $500,000 Budgeted direct-labor hours 100,000 hrs. Actual 480,000 Actual direct-labor hours 120,000 hrs.
A. Compute the predetermined overhead rate per hr.
B. How much overhead is applied to each unit?
C. Compute the standard unit cost?
D. Assume that the company has $20,000 in beginning work in process and $16,000 in ending work in process for the period. Total production costs for the period were $65,000. Cost of goods manufactured was?
E. Assume that Cost of Goods Manufactured for the period was $155,000.
The company had $115,000 of product in finished-goods inventory at the start of the period, and $110,000 in finished-goods inventory at the end of the period.
Cost of goods sold is: $_______________
F. NOW ASSUME that 10,000 units were sold. Use your cost of goods sold from #9. Compute the amount of gross margin $_____________
G. Actual production was 40,000 units, requiring 120,000 direct labor hours. Compute the direct labor efficiency variance $ (indicate amount and direction)
H. How many standard lbs. of materials are allowed for the actual level of production?
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