Direct Materials and Direct Labor Variances At the beginning of June, Kimber Toy Company budgeted 19,000 toy action figures to be manufactured in June at standard direct materials and direct labor costs as follows: Direct materials $22,800 Direct labor 19,950 Total $42,750 The standard materials price is $0.40 per pound. The standard direct labor rate is $15.00 per hour. At the end of June, the actual direct materials and direct labor costs were as follows: Actual direct materials $20,400 Actual direct labor 17,800 Total $38,200 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. Kimber Toy Company actually produced 16,500 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 materials quantity variance Direct labor time variance

Direct Materials and Direct Labor Variances At the beginning of June, Kimber Toy Company budgeted 19,000 toy action figures to be manufactured in June at standard direct materials and direct labor costs as follows: Direct materials $22,800 Direct labor 19,950 Total $42,750 The standard materials price is $0.40 per pound. The standard direct labor rate is $15.00 per hour. At the end of June, the actual direct materials and direct labor costs were as follows: Actual direct materials $20,400 Actual direct labor 17,800 Total $38,200 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. Kimber Toy Company actually produced 16,500 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 materials quantity variance Direct labor time variance

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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