Direct Materials and Direct Labor VariancesAt the beginning of June, Bezco Toy Company budgeted 19,000 toy action figures to be manufactured in June at standard directmaterials and direct labor costs as follows:Direct materials$19,000Direct labor14,630Total$33,630The standard materials price is $0.50 per pound. The standard direct labor rate is $11.00 per hour. At the end of June, the actualdirect materials and direct labor costs were as follows:Actual direct materials$17,200Actual direct labor13,200Total$30,400There were no direct materials price or direct labor rate variances for June. In addition, assume no changes in the directmaterials inventory balances in June. Bezco Toy Company actually produced 16,700 units during June.Determine the direct materials quantity and direct labor time variances. Round your per unit computations to two decimalplaces and round your answers to the nearest dollar, if required. Enter a favorable variance as a negative number using aminus sign and an unfavorable variance as a positive number.Direct materials quantity varianceUnfavorableDirect labor time varianceUnfavorable

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Description: Direct Materials and Direct Labor VariancesAt the beginning of June, Bezco Toy Company budgeted 19,000 toy action figures to be manufactured in June at standard directmaterials and direct labor costs as follows:Direct materials$19,000Direct labor14,

Variances are calculated in order to compare the standard set and the actual performance of the…

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Direct Materials and Direct Labor Variances At the beginning of June, Bezco Toy Company budgetE materials and direct labor costs as follows: Direct materials $19,000 Direct labor 14,630 Total $33,630

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Direct Materials and Direct Labor Variances
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