LIME Corporation developed standard costs for direct material and direct labor. In 2020, LIME estimated the following standard costs for one of their most well loved products, the LIME classic Mother's Pear Pie which had a brown sugar coating on top. Budgeted quantity Budgeted price Direct materials 2.0 pounds $6.25 per pound Direct labor 0.20 hours $13.00 per hour During September, LIME produced and sold 1,100 pies using 2,300 pounds of direct materials at an average cost per pound of $6.00 and 200 direct labor hours at an average wage of $13.25 per hour. The direct material price variance during September is $575 favorable $575 unfavorable O$50.00 unfavorable $50.00 favorable

LIME Corporation developed standard costs for direct material and direct labor. In 2020, LIME estimated the following standard costs for one of their most well loved products, the LIME classic Mother's Pear Pie which had a brown sugar coating on top. Budgeted quantity Budgeted price Direct materials 2.0 pounds $6.25 per pound Direct labor 0.20 hours $13.00 per hour During September, LIME produced and sold 1,100 pies using 2,300 pounds of direct materials at an average cost per pound of $6.00 and 200 direct labor hours at an average wage of $13.25 per hour. The direct material price variance during September is $575 favorable $575 unfavorable O$50.00 unfavorable $50.00 favorable

Name: LIME Corporation developed standard costs for direct material and dir
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Description: LIME Corporation developed standard costs for direct material and direct labor. In2020, LIME estimated the following standard costs for one of their most well lovedproducts, the LIME classic Mother's Pear Pie which had a brown sugar coating on top.B

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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