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Jakeman Corporation manufactures one product. It does not maintain any beginning or ending Work in...

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Accounting

Jakeman Corporation manufactures one product. It does not maintain any beginning or ending Work in Process inventories. The company uses a standard cost system in which inventories are recorded at their standard costs and any variances are closed directly to Cost of Goods Sold. There is no variable manufacturing overhead. The standard cost card for the companys only product is as follows: Inputs Standard Quantity or Hours Standard Price or Rate Standard Cost Direct materials 3.4 gallons $ 7.00 per gallon $ 23.80 Direct labor 0.90 hours $ 19.50 per hour 17.55 Fixed manufacturing overhead 0.90 hours $ 13.00 per hour 11.70 Total standard cost per unit $ 53.05 The standard fixed manufacturing overhead rate was based on budgeted fixed manufacturing overhead of

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