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    Standard cost

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    Please show step by step work.
    XYZ Company produces high quality widgets. Three raw materials are converted into the finished product by two labor groups. Manufacturing overhead is applied to finished units based on direct labor hours. The following standards have been established for each widget produced:

    Manufacturing overhead $20.00/dhr
    a) Calculate the standard cost of producing 400 high quality widgets.

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    Solution Preview

    The standard cost consists of direct material, direct labor and overhead. From the given data, we first calculate the standard cost of each widget.
    Direct Material cost ...

    Solution Summary

    The solution explains how to calculate the standard cost of the product.