Lovitz Company is planning to produce 2,000 units of a product in 2022. Each unit requires 3
Question:
Lovitz Company is planning to produce 2,000 units of a product in 2022. Each unit requires 3 kg of materials at $5 per kilogram and a half hour of labour at $15 per hour. The overhead rate is 70% of direct labour.
Instructions
a. Calculate the budgeted amounts for 2022 for direct materials to be used, direct labour, and applied overhead.
b. Calculate the standard cost of one unit of the product.
c. What are the potential advantages to a corporation of using standard costs?
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