A company operates a standard costing system and prepares monthly financial statements. All materials purchased during February were used during that month. After all transactions for February were posted, the general ledger contained the following balances:

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Debit Credit Finished goods control Materials price variance Materials usage variance Labour rate variance Labour efficiency variance Variable production overhead variance Fixed production overhead variance 27,450 2,400 8,400 5,600 3,140 2,680 3,192 The standard cost of the goods produced during February was £128,500. The actual cost of the goods produced during February was A £96,998 £124,448 £132,552 D £160,002 Debit Credit Finished goods control Materials price variance Materials usage variance Labour rate variance Labour efficiency variance Variable production overhead variance Fixed production overhead variance 27,450 2,400 8,400 5,600 3,140 2,680 3,192 The standard cost of the goods produced during February was £128,500. The actual cost of the goods produced during February was A £96,998 £124,448 £132,552 D £160,002

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Answer Option B 124448 Explanation Standard Cost of Goods Produced 128500 Add a ... View the full answer