Question: I need help with a multi-part cost accounting homework question. It is P8-10 from Principles of Cost Accounting 14 edition. The standard costs for a

I need help with a multi-part cost accounting homework question. It is P8-10 from Principles of Cost Accounting 14 edition.

The standard costs for a unit of Triple X are:

Raw materials (5lbs @ $1/lb.) $5

Direct labor (1hr. @ $8/hr.) 8

Overhead (50% of direct labor costs) 4

Data from records for the month of May are: Units

Actual production 4,000

Units Sold 2,500

Debit Credit

Sales $50,000

Purchases (22,000 lbs) $23,300

Materials price variance 1,300

Materials quantity variance 1,000

Direct labor rate variance 770

Direct labor efficiency variance 1,200

Manufacturing overhead total variance 500

Compute the following:

1. Standard quantity of raw materials allowed (in pounds) for actual production.

2. Actual quantity of raw materials used ( in pounds) . (consider the materials quantity variance.)

3. Standard direct labor hours allowed.

4. Actual direct labor hours worked.

5. Actual direct labor rate. (consider the direct labor rate variance.)

6. Actual total overhead.

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