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Maple's standard quantities for 1 unit of product include 2 pounds of materials and 1.5 labor...

Maple's standard quantities for 1 unit of product include 2 pounds of materials and 1.5 labor hours. The standard rates are $2 per pound and $18 per hour. The standard overhead rate is $8 per direct labor hour.

What is the total standard cost of Hofburg’s product?

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Answer #1

Answer : - Total standard cost = $43.

Calculation : -

Materials = $2 × 2 pounds = $4.

Direct labour = $18 × 1.5 hours = $27.

Indirect labour = $8 × 1.5 hours = $12.

Total standard cost = $4 + $27 + $12 = $43.

Material required = 2 pounds, rate = $2 per pound = $2 × 2 = $4

Direct labour = 1.5 hours, rate = $18 per hour = $18 × 1.5 = $27

Indirect labour = 1.5 hours, rate = $8 = $8 × 1.5 = $12.

Note : - overhead cost is also known as indirect labour cost. The indirect labour hours will be equal to direct labour hours.

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