Please do not give solution in image format thanku Budget Variances, Materials and LaborCinturon Corporation produces high-quality leather belts. The company's plant in Boise uses a standard costing system and has set thefollowing standards for materials and labor:$15.00Leather (5 strips @ $3.00)Direct labor (1 hr. @ $14.00)Total prime cost$29.00During the first month of the year, the Boise plant produced 39,000 belts. Actual leather purchased was 110,000 strips at $3.90 perstrip. There were no beginning or ending inventories of leather. Actual direct labor was 38,000 hours at $16.00 per hour.Required:1. Compute the costs of leather and direct labor that should be incurred for the production of 39,000 leather belts.$$_2. Compute the total budget variances for materials and labor.Total Budget Variance$______$___MaterialsLabor14.00MaterialsLaborFavorableUnfavorable

A budgeted variation is the difference between what you planned or anticipated to spend or earn and…

Budget Variances, Materials and Labor Cinturon Corporation produces high-quality leather belts. The company's plant in Boise uses a star following standards for materials and labor: Leather (5 strips @ $3.00) $15.00 Direct labor (1 hr. @ $14.00) 14.00 Total prime cost $29.00 During the first month of the year, the Boise plant produced 39,000 belts. Actual leather purchased strip. There were no beginning or ending inventories of leather. Actual direct labor was 38,000 hou

Budget Variances, Materials and Labor Cinturon Corporation produces high-quality leather belts. The company's plant in Boise uses a star following standards for materials and labor: Leather (5 strips @ $3.00) $15.00 Direct labor (1 hr. @ $14.00) 14.00 Total prime cost $29.00 During the first month of the year, the Boise plant produced 39,000 belts. Actual leather purchased strip. There were no beginning or ending inventories of leather. Actual direct labor was 38,000 hou

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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