Ww.214. Listen(Appendix 10B) The Baby Clothing Company makes and sells a single product, calleda New bodysuit and employs a standard costing system. The following standardshave been established for one unit of New bodysuit:Standard Quantity orHours5 board metre0.7 hoursDirect MaterialsDirect LabourStandard Cost perNew bodysuit$8.00$8.40There were no inventories of any kind on August 1. During August, the followingevents occurred:Purchased 14,000 board metres at the total cost of $22.000.Used 10.300 board metres to produce 2.100 New bodysuits.There were no inventories of any kind on August 1. During August, the followingevents occurred:Purchased 14,000 board metres at the total cost of $22,000.Used 10,300 board metres to produce 2,100 New bodysuits.Used 1,400 hours of direct labour time at a total cost of $18,060.(Appendix 10B) To record the incurrence of direct labour cost and its use inproduction, the general ledger would include what entry to the Labour Rate Varianceaccount?$1260 credit.$1260 debit.$340 debit.$340 credit.

Labor rate variance is the difference between the actual rate and standard rate for actual hours of…

(Appendix 10B) The Baby Clothing Company makes and sells a single product, called a New bodysuit and employs a standard costing system. The following standards have been established for one unit of New bodysuit: Direct Materials Direct Labour Standard Quantity or Standard Cost per Hours New bodysuit 5 board metre 0.7 hours $8.00 $8.40 There were no inventories of any kind on August 1. During August, the following events occurred: Purchased 14,000 board metres at the total cost of $22.000. 10.30 hoard metres to produce 2.100 New bodysuits.

(Appendix 10B) The Baby Clothing Company makes and sells a single product, called a New bodysuit and employs a standard costing system. The following standards have been established for one unit of New bodysuit: Direct Materials Direct Labour Standard Quantity or Standard Cost per Hours New bodysuit 5 board metre 0.7 hours $8.00 $8.40 There were no inventories of any kind on August 1. During August, the following events occurred: Purchased 14,000 board metres at the total cost of $22.000. 10.30 hoard metres to produce 2.100 New bodysuits.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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