Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. part a: company developed standard costs for direc

Part A: Company developed standard costs for direct material and direct labor. In 2020, estimated...

60.1K

Verified Solution

Question

Accounting

image

Part A: Company developed standard costs for direct material and direct labor. In 2020, estimated the following standard costs for one of their major products, the 10-gallon plastic container. Budgeted quantity Direct materials 0.10 pounds Budgeted price $30 per pound Direct labor 0.05 hours $15 per hour During June, produced and sold 5,000 containers using 490 pounds of direct materials at an average cost per pound of $32 and 250 direct manufacturing labor- hours at an average wage of $15.25 per hour. Instructions: 1. Compute the direct materials price variance. 2. Compute the direct manufacturing 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