Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. basil tooling uses a standard cost system to accou

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

90.2K

Verified Solution

Question

Accounting

Basil Tooling uses a standard cost system to account for the costs of its one product. Standards are 4 sheets of inch steel at $110 per sheet and 14 hours of labor at a standard wage rate of $13. During July, Basil Tooling produced 600 units. Materials purchased and used totaled 2,540 sheets at a total cost of $268,850. Payroll totaled $112,930 for 8,770 hours worked. Calculate the: a. direct materials price variance. b. direct materials quantity variance. c. direct labor rate variance. d. direct labor efficiency variance.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Basic Math
1.2K views

1. Hallar dos vectores unitarios y ortogonales a 〈?, ?, ?〉 y 〈−?, ?, ?〉. 2. Hallar...

Accounting
1.2K views

Audit Sampling Why you do substantive testing Why you test control What is the characteristics  of sampling what is the...

Biology
1.2K views

Pakicetus is an ancient wolf like organism that lived 50 million year ago It had...

Physics
1.2K views

A cylindrical tube filled with water 4 3 is closed at its both ends by...

Algebra
1.2K views

Which of the following linear transformations in A B R R preserve lengths or angles...

Algebra
1.2K views

10 1 2 3 14 15 14 B 13 C 14 A 12 The right...

Accounting
1.2K views

Avocado Company has an operating income of $80,000 on revenues of $1,000,000. Average invested assets...

Accounting
1.2K views

the numbers i have are all incorrect except investment in equity being 99,000 ...

Accounting
1.2K views

Osprey Cycles, Inc. projected sales of 75,000 bicycles for the year. The estimated January I...

Accounting
1.2K views

Glacial Company estimates that variable costs will be 63.2% of sales, and fixed costs will...

Accounting
1.2K views

Please answer questions 1 through 11. Thanks. On December 31, 2018, Yard Art Landscaping...

Accounting
1.2K views

Brandy Corporation, a calendar-year accrual basis taxpayer, signed a contract on December 27, 2013, for...