View the step-by-step solution to:

Exercise 11-3 Kimm Company has gathered the following information about its product. Direct materials: Each unit of product contains 3.40 pounds of...

Thank you
Exercise 11-3 Kimm Company has gathered the following information about its product. Direct materials : Each unit of product contains 3.40 pounds of materials. The average waste and spoilage per unit produced under normal conditions is 0.60 pounds. Materials cost \$2 per pound, but Kimm always takes the 3.45% cash discount all of its suppliers offer. Freight costs average \$0.26 per pound. Direct labor. Each unit requires 2.30 hours of labor. Setup, cleanup, and downtime average 0.29 hours per unit. The average hourly pay rate of Kimm’s employees is \$11.00. Payroll taxes and fringe benefits are an additional \$2.60 per hour. Manufacturing overhead. Overhead is applied at a rate of \$4.30 per direct labor hour. Compute Kimm’s total standard cost per unit. (Round answer to 2 decimal places, e.g. 1.25.) Total standard cost per unit \$ Exercise 11-6 Lewis Company’s standard labor cost of producing one unit of Product DD is 3.40 hours at the rate of \$12.00 per hour. During August, 42,800 hours of labor are incurred at a cost of \$12.16 per hour to produce 12,400 units of Product DD. (a) Compute the total labor variance. Total labor variance \$ (b) Compute the labor price and quantity variances. Labor price variance \$ Labor quantity variance \$ (c) Compute the labor price and quantity variances, assuming the standard is 3.71 hours of direct labor at \$12.34 per hour. Labor price variance \$ Labor quantity variance \$ Problem 11-1A Costello Corporation manufactures a single product. The standard cost per unit of product is shown below.

Exercise 113
Kimm Company has gathered the following information about its product.
Direct materials: Each unit of product contains 3.40 pounds of materials. The average waste
and spoilage per unit...

Why Join Course Hero?

Course Hero has all the homework and study help you need to succeed! We’ve got course-specific notes, study guides, and practice tests along with expert tutors.

-

Educational Resources
• -

Study Documents

Find the best study resources around, tagged to your specific courses. Share your own to gain free Course Hero access.

Browse Documents