At the beginning of June, Geppetto's Toy Company budgeted 24,000 toy action figures to be manufactured in June at standard direct materials and direct labor costs as follows: Direct materials Direct labor Total $56,400 The standard materials price is $0.50 per pound. The standard direct labor rate is $12.00 per hour. At the end of June, the actual direct materials and direct labor costs were as follows: Actual direct materials $42,000 14,400 Actual direct labor $37,700 12,900 Total $50,600 There were no direct materials price or direct labor rate variances for June. In addition, assume no changes in the direct materials inventory balances in June. Geppetto's Toy Company actually produced 20,900 units during June. Determine the direct materials quantity and direct labor time variances. Round your per unit computations to two decimal places, if required. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Direct labor time variance Direct materials quantity variance $fill in the blank 1 $fill in the blank 3 Favoral Favoral

At the beginning of June, Geppetto's Toy Company budgeted 24,000 toy action figures to be manufactured in June at standard direct materials and direct labor costs as follows: Direct materials Direct labor Total $56,400 The standard materials price is $0.50 per pound. The standard direct labor rate is $12.00 per hour. At the end of June, the actual direct materials and direct labor costs were as follows: Actual direct materials $42,000 14,400 Actual direct labor $37,700 12,900 Total $50,600 There were no direct materials price or direct labor rate variances for June. In addition, assume no changes in the direct materials inventory balances in June. Geppetto's Toy Company actually produced 20,900 units during June. Determine the direct materials quantity and direct labor time variances. Round your per unit computations to two decimal places, if required. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Direct labor time variance Direct materials quantity variance $fill in the blank 1 $fill in the blank 3 Favoral Favoral

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Description: Please do not give solution in image format thanku At the beginning of June, Geppetto's Toy Company budgeted24,000 toy action figures to be manufactured in June atstandard direct materials and direct labor costs as follows:Direct materialsDirect labo

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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