Standard Costs and Balanced Scorecard

Parsons Company is planning to produce 2,000 units of product in 2020. Each unit requires 3 pounds of materials at $5 per pound and a half-hour of labor at $16 per hour.

Hank Itzek manufactures and sells homemade wine, and he wants to develop a standard cost per gallon. The following are required for production of a 50-gallon batch.

Stefani Company has gathered the following information about its product. Direct materials. Each unit of product 4.5 pounds of materials. The average waste and spoilage per unit produced under normal conditions is 0.5 pounds. Materials cost $5 per pound, but stefani always takes the 2% cash discount all of its suppliers offer. Freight costs average $0.25 per pound.

Monte Services, Inc. is trying establish the standard labor cost a typical oil change. The following data have been collected from time motion studies conducted over the past month.

The standard cost of product B manufactured by pharrell Company includes there units of direct materials at $5.00 per unit. During June 29,000 units of direct materials are purchased at a cost of $4.70 per unit, and 29,000 units of direct materials are used to produce 9,400 units of product B.

Lewis Company's standard labor cost of producing one unit of product DD is 4 hours at the rate of $12.00 per hour. During August, 40,600 hours of labor are incurred at a cost of $12.15 per hour to produce 10,000 units of product DD.

Levine Inc. which produces a single product, has prepared the following standard cost sheet for one unit of the product.

The following direct materials and drict labor data pertain to the operations of Laurel Company for the month of August.

You have been given the following information about the production of Usher Co, and are asked to provide the plant manager with information for a meeting with the vice president of operations,

During March 2020, Toby Tool & Die Company worked on four jobs. A review of direct labor costs reveals the following summary data.