Cinturon Corporation produces high-quality leather belts. The company's plant in Boise uses a standard costing...
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Cinturon Corporation produces highquality leather belts. The company's plant in Boise uses a standard costing system and has set the following standards for materials and labor: Leather strips @ $ $ Direct labor hr @ $ Total prime cost $ During the first month of the year, the Boise plant produced belts. Actual leather purchased was strips at $ per strip. There were no beginning or ending inventories of leather. Actual direct labor was hours at $ per hour. Required: Compute the costs of leather and direct labor that should be incurred for the production of leather belts. Materials $fill in the blank Labor $fill in the blank Compute the total budget variances for materials and labor. Total Budget Variance Materials $fill in the blank Favorable Labor $fill in the blank Unfavorable Conceptual Connection: Would you consider these variances material with a need for investigation? Yes
Cinturon Corporation produces highquality leather belts. The company's plant in Boise uses a standard costing system and has set the following standards for materials and labor:
Leather strips @ $ $
Direct labor hr @ $
Total prime cost $
During the first month of the year, the Boise plant produced belts. Actual leather purchased was strips at $ per strip. There were no beginning or ending inventories of leather. Actual direct labor was hours at $ per hour.
Required:
Compute the costs of leather and direct labor that should be incurred for the production of leather belts.
Materials $fill in the blank
Labor $fill in the blank
Compute the total budget variances for materials and labor.
Total Budget Variance
Materials $fill in the blank
Favorable
Labor $fill in the blank
Unfavorable
Conceptual Connection: Would you consider these variances material with a need for investigation?
Yes
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