TaskMaster Enterprises employs a standard cost system in which direct materials inventory is carried at standard cost. TaskMaster has established thefollowing standards for the prime costs of one unit of product.StandardStandardStandardQuantity7 poundsPriceCostDirect Materials$1.50 per pound$9.00 per hour$10.50Direct Labor0.35 hour3.15$13.65During November, TaskMaster purchased 140,000 pounds of direct materials at a total cost of $238,000. The total factory wages for November were$50,000, 80% of which were for direct labor. TaskMaster manufactured 18,000 units of product during November using 118,000 pounds of directmaterials and 4,000 direct labor hours.What is the direct materials efficiency variance for November?

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Description: TaskMaster Enterprises employs a standard cost system in which direct materials inventory is carried at standard cost. TaskMaster has established thefollowing standards for the prime costs of one unit of product.StandardStandardStandardQuantity7 pou

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askMaster Enterprises employs a standard cost system in which direct materials inventory is carried at standard cost. TaskMaster has established the ollowing standards for the prime costs of one unit of product. Standard Standard Price $1.50 per pound $9.00 per hour Standard Quantity 7 pounds 0.35 hour Cost Direct Materials $10.50 Direct Labor 3.15 $13.65 During November, TaskMaster purchased 140,000 pounds of direct materials at a total cost of $238,000. The total factory wages for November were $50,000, 80% of which were for direct labor. TaskMaster manufactured 18,000 units of product during November using 118,000 pounds of direct materials and 4,000 direct labor hours. What is the direct materials efficienccy variance for November?

askMaster Enterprises employs a standard cost system in which direct materials inventory is carried at standard cost. TaskMaster has established the ollowing standards for the prime costs of one unit of product. Standard Standard Price $1.50 per pound $9.00 per hour Standard Quantity 7 pounds 0.35 hour Cost Direct Materials $10.50 Direct Labor 3.15 $13.65 During November, TaskMaster purchased 140,000 pounds of direct materials at a total cost of $238,000. The total factory wages for November were $50,000, 80% of which were for direct labor. TaskMaster manufactured 18,000 units of product during November using 118,000 pounds of direct materials and 4,000 direct labor hours. What is the direct materials efficienccy variance for November?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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