Cinturon Corporation produces high-quality leather belts. The company's plant in Boise uses a standard costing system and has set the following standards for materials and labor: Leather (5 strips @ $3.00) $15.00 Direct labor (0.5 hr. @ $11.00) 5.50 Total prime cost $20.50 During the first month of the year, the Boise plant produced 43,000 belts. Actual leather purchased was 140,000 strips at $3.90 per strip. There were no beginning or ending inventories of leather. Actual direct labor was 36,000 hours at $13.50 per hour. Required: 1. Compute the costs of leather and direct labor that should be incurred for the production of 43,000 leather belts. Cost of materials Cost of direct labor 2. Compute the total budget variances for materials and labor. Total Budget Variance Materials $ Labor 3. Conceptual Connection: Would you consider these variances material with a need for investigation? 4. Refer to Exhibit 2.2 for a description of data analytic types. What data analytic type is used in Requirements 1, 2, and 3? The data analytic type for Requirement 1 is

Cinturon Corporation produces high-quality leather belts. The company's plant in Boise uses a standard costing system and has set the following standards for materials and labor: Leather (5 strips @ $3.00) $15.00 Direct labor (0.5 hr. @ $11.00) 5.50 Total prime cost $20.50 During the first month of the year, the Boise plant produced 43,000 belts. Actual leather purchased was 140,000 strips at $3.90 per strip. There were no beginning or ending inventories of leather. Actual direct labor was 36,000 hours at $13.50 per hour. Required: 1. Compute the costs of leather and direct labor that should be incurred for the production of 43,000 leather belts. Cost of materials Cost of direct labor 2. Compute the total budget variances for materials and labor. Total Budget Variance Materials $ Labor 3. Conceptual Connection: Would you consider these variances material with a need for investigation? 4. Refer to Exhibit 2.2 for a description of data analytic types. What data analytic type is used in Requirements 1, 2, and 3? The data analytic type for Requirement 1 is

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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