Reference no: EM132590556

Crede Manufacturing Company uses a standard cost accounting system. In 2020, 27,000 units were produced. Each unit took several kilograms of direct materials and 1.6 standard hours of direct labour at a standard hourly rate of $12. Normal capacity was 48,100 direct labour hours. During the year, 113,400 kg of raw materials were purchased at $0.92 per kilogram. All materials purchased were used during the year.

Question 1: If the materials price variance was $9,072 favourable, what was the standard materials price per kilogram? (Round answer to 2 decimal places, e.g. 5.25.)

Question 2: If the materials quantity variance was $5,400 unfavourable, what was the standard materials quantity per unit? (Round answer to 2 decimal places, e.g. 5.17.)

Question 3: What were the standard hours allowed for the units produced?

Question 4: If the labour quantity variance was $7,920 unfavourable, what were the actual direct labour hours worked?

Question 5: If the labour price variance was $17,544 favourable, what was the actual rate per hour? (Round answer to 2 decimal places, e.g. 15.25.)

Question 6: If total budgeted manufacturing overhead was $404,040 at normal capacity, what was the predetermined overhead rate? (Round answer to 2 decimal places, e.g. 15.25.)

Question 7: What was the standard cost per unit of product? (Round answer to 2 decimal places, e.g. 15.25.)

Question 8: How much overhead was applied to production during the year?

Question 9: Using selected answers above, what were the total costs assigned to work in process? (Round answer to the nearest whole dollar, e.g. 5,275.)