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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