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Joyful Manufacturing Limited ("JML") manufactures and sells a single product. JML maintains a...

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Accounting

Joyful Manufacturing Limited ("JML") manufactures and sells a single product. JML maintains a standard costing system. Standard cost of direct materials and direct labor for the year just ended are:
$ Direct materials (10 kg at $5)50
Direct labor (3 hours at $60)180
20,000 units were produced for the year just ended. Other actual data for the same year ended are as follows:
Direct materials purchased
Direct material price variance (at the time of purchase) Direct material quantity/usage variance
Direct labor
Direct labor rate variance
210,000 kg
$42,000 Adverse $50,000 Favorable 61,000 hours $305,000 Favorable
Compute the total cost of direct materials purchased for the year just ended. a. $1,008,000.
b. $1,040,000.
c. $1,092,000.
d. $1,100,000.

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