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McDaniel Company manufactures 100-pound bags of fertilizer that have the following unit standard costs for...

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Accounting

McDaniel Company manufactures 100-pound bags of fertilizer that have the following unit standard costs for direct materials and direct labor:

Direct materials (100 lbs. @ $1.00 per lb.) $100.00
Direct labor (0.5 hours at $24 per hour) 12.00
Total standard prime cost per 100-lb. bag $112.00

The following activities were recorded for October:

  • 1,000 bags were manufactured.
  • 95,000 lbs. of materials costing $76,000 were purchased.
  • 102,500 lbs. of materials were used.
  • $12,000 was paid for 475 hours of direct labor.

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