Briel Exercise 23-1 Lopez Company uses both standards and budgets. For the year,

Question

Briel Exercise 23-1 Lopez Company uses both standards and budgets. For the year, estimated production of Product X is 566,000 unts. Total estimated cost for materials and labr ae $1,528,200 and $1,981,000 Compute the estimates for (a) a standard cost and (b) a budgeted cost.(Round standard costs to 2 decimal places, e.g. 1.25 Materials Labor (a) Standard cost (b) Budgeted cost INTERACTIVE TUTORIAL By sccessing this Question Assistance, you will learn while you eam points based on the Point Potential Policy set by your instructor uestion Attempts: Unlimited SAVE FOR LA

Explanation / Answer

[$1528200 / 566000 units]

= $2.7

[$1981000 / 566000 units]

= $3.5

Note:- Standard cost is estimated cost to be incurred for producing a unit

Materials Labor a standard cost

[$1528200 / 566000 units]

= $2.7

[$1981000 / 566000 units]

= $3.5

b Budgeted cost $1528200 $1981000

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