New Jersey Valve Company manufactured 7,400 units during January of a control valve used by...
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Accounting
New Jersey Valve Company manufactured 7,400 units during January of a control valve used by milk processors in its Camden plant. Records indicated the following:
Direct labor
45,300
hr. at $15.40 per hr.
Direct material purchased
32,000
lb. at $2.80 per lb.
Direct material used
29,300
lb.
The control valve has the following standard prime costs:
Direct material
4
lb. at $2.70 per lb.
$
10.80
Direct labor
6
hr. at $15.80 per hr.
94.80
Standard prime cost per unit
$
105.60
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New Jersey Valve Company manufactured 7,400 units during January of a control valve used by milk processors in its Camden plant. Records indicated the following: