Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. tuscany statuary company manufactures bust statues

Tuscany Statuary Company manufactures bust statues of famous historical figures. All statues are the same...

80.2K

Verified Solution

Question

Accounting

Tuscany Statuary Company manufactures bust statues of famous historical figures. All statues are the same size, and each statue requires the same amount of resources. Tuscany employs a standard costing system and has the following standards in order to produce one statue: standard quantity standard price direct materials 5 pounds $12 per pound direct labor 7 hours $20 per hour During 2018, Tuscany produced 6,000 statues using a total of 40,000 direct labor hours. Tuscany had no beginning inventories of any type for 2018. During 2018, Tuscany purchased 39,000 pounds of direct materials at a total cost of $559,650. At December 31, 2018, Tuscany had 6,000 pounds of direct materials in its inventory. The total cost of direct labor for Tuscany during 2018 was $930,000. Calculate Tuscany's total direct labor variance for 2018. If the variance is favorable, place a minus sign in front of your answer (i.e., -5000). If the variance is unfavorable, simply enter your answer as a number (i.e., 5000).

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