Problem-the standard cost sheet call for 80 pounds of zinc, Ask an Expert

Accounting

Problem-

The standard cost sheet call for 80 pounds of zinc per batch of 70 faucets. Zinc has a standard price of $5.10 per pound. One thousand pounds of zinc are purchased for $5,530. Ten batches of the faucets are produced, and 840 pounds of zinc are used. There was no beginning zinc inventory. All variances are calculated as soon as possible.

Required: Prepare a table that decomposes the total purchase price of the zinc ($5,530) into its various components as calculated by the standard cost system.

Additional information-

The problem belongs to Basic Accounting and it discus about preparing a standard cost sheet for a company.

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Accounting Basics, Accounting

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