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8. Justin Company has gathered the information shown below about its product. Direct materials: Each...

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Accounting

8. Justin Company has gathered the information shown below about its product.

Direct materials: Each unit of product contains 4.5 pounds of materials. The average waste and spoilage per unit produced under normal conditions is 0.5 pounds. Materials cost $3 per pound, but Justin always takes the 1% cash discount all of its suppliers offer. Freight costs average $0.25 per pound.

Direct labor: Each unit requires 2 hours of labor. Setup, cleanup, and downtime average 0.2 hours per unit. The average hourly pay rate of Justins employees is $10. Payroll taxes and fringe benfits are an additional $3 per hour.

Manufacturing overhead: Overhead is applied at a rate of $6 per direct labor hour.

Instructions

Compute Justins total standard cost per unit.

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