Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. bemco uses a standard cost system; they make and s

Bemco uses a standard cost system; they make and sell a single product called Wonder...

80.2K

Verified Solution

Question

Accounting

image
Bemco uses a standard cost system; they make and sell a single product called Wonder Wrench. The following data are for the month of July: - Actual cost of direct material purchased and used: $65,560 - Material price variance: $5,960 unfavorable - Total materials variance: $22,360 unfavorable - Standard cost per pound of material: $4 - Standard cost per direct labor-hour: $5 - Actual direct labor-hours: 6,500 hours - Labor efficiency variance: $3,500 favorable - Standard number of direct labor-hours per unit : 2 hours - Total labor variance: $400 unfavorable The total number Wonder Wrench units produced during July was: 3,600 14,400 6,500 10,800

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