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Basil Tooling uses a standard cost system to account for the costs of its one...

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Accounting

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Basil Tooling uses a standard cost system to account for the costs of its one product. Standards are 40 sheets of inch steel at $110 per sheet and 14.1 hours of labor at a standard wage rate of $14. During July, Bosil Tooling produced 610 units. Materials purchased and used totaled 2,560 sheets at a total cost of $270,850. Payroll totaled $121.920 for 8,790 hours worked a. Calculate the direct materials price variance. (Do not round your intermediate calculations. Indicate the effect of varlance by selecting "Favorable". "Unfavorable" or "None" for no effect (.e., zero variance)) Price Variance $ 10,750 Favorable Calculate the direct materials quantity variance. (Indicate the effect of variance by selecting "Favorable". "Unfavorable", or "Non no effect (i.e., zero variance).) $ wanity Variance 13,200 Unfavorable RR Next > c. Calculate the direct labor rate variance. (Do not round your intermediate calculations. Indicate the effect of variance by selecting "Favorable" "Unfavorable", or "None" for no effect (e., zero variance).) Rate Variance d. Calculate the direct labor efficiency variance. (Indicate the effect of variance by selecting "Favorable", "Unfavorable", or "None for no effect (i.e., zero variance).) EMiciency Varianco

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