This is a problem from my management accounting homework. I don't am confused b/c there is so much information missing from the problem...but then, they wouldn't leave out information that we need, so I know I am wrong in what I am starting to do...
The question is...for each of the following 2 jobs making 2 different products, I am supposed to determine the
the missing information (a) and (b)
but there is other information missing as well, this is the chart:
Item Job 321 / Job 322
Units Produced 200 / ?
Standards per unit:
Material quantity 5 lbs / ?
Material price $2 per lb / $3 per lb
Labor Hours 2 hrs. / 3 hrs.
Labor rate $15 per hr / $12 per hour
Material quantity (a) / 1,000 lbs
Material cost $2,000 / ?
Labor hours (b) / ?
Labor cost ? / $5,800
Material quantity ? / $100 F
Material price $50 U / $500 F
Labor hours $100 F / $50 U
Labor rate $ 60 U / $200 F