c. Calculate the direct labor rate variance. (Do not round your intermediate calculations. Indicate the effect of variance by selecting "Favorable", "Unfavorable", or "None" for no effect (i.e., zero variance).) Rate Variance d. Calculate the direct labor efficiency variance. (Indicate the effect of variance by selecting "Favorable", "Unfavorable", or "None for. no effect (i.e., zero variance).)
c. Calculate the direct labor rate variance. (Do not round your intermediate calculations. Indicate the effect of variance by selecting "Favorable", "Unfavorable", or "None" for no effect (i.e., zero variance).) Rate Variance d. Calculate the direct labor efficiency variance. (Indicate the effect of variance by selecting "Favorable", "Unfavorable", or "None for. no effect (i.e., zero variance).)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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C and d please
Transcribed Image Text:Seved
Basil Tooling uses a standard cost system to account for the costs of its one product. Standards are 4.0 sheets of ½ inch steel at $11
per sheet and 14.1 hours of labor at a standard wage rate of $13. During July, Basil Tooling produced 610 units. Materials purchased and
used totaled 2,590 sheets at a total cost of $275,490. Payroll totaled $113,410 for 8,820 hours worked.
a. Calculate the direct materials price variance. (Do not round your intermediate calculations. Indicate the effect of variance by
selecting "Favorable", "Unfavorable", or "None" for no effect (I.e., zero variance).)
Price Variance
Favorable
None
Unfavorable
b. Calculate the direct materials quantity variance. (Indicate the effect of variance by selecting "Favorable", "Unfavorable", or "None"
for no effect (i.e., zero variance).)
www
Quantity Variance
Transcribed Image Text:C. Calculate the direct labor rate variance. (Do not round your intermediate calculations. Indicate the effect of variance by selecting
"Favorable", "Unfavorable", or "None" for no effect (i.e., zero variance).)
Rate Variance
d. Calculate the direct labor efficiency variance. (Indicate the effect of variance by selecting "Favorable, "Unfavorable", or "None"
for, no effect (i.e., zero variance).)
Efficiency Variance
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