TaskMaster Enterprises employs a standard cost system in which direct materials inventory is carried at standard cost. TaskMaster has established the following standards for the prime costs of one unit of product.Direct MaterialsDirect LaborStandard Quantity8 pounds0.25 hourStandard Price$ 3.80 per pound$ 12.00 per hourStandard Cost$ 30.403.00$ 33.40During November, TaskMaster purchased 170,000 pounds of direct materials at a total cost of $663.000. The total factory wages for November were $62.000, 90% of which were for direct labor.TaskMaster manufactured 20,100 units of product during November using 150.750 pounds of direct materials and 5.200 direct labor-hours.What is the direct labor rate variance for November?Multiple Choice$1,874$2,900$6,60054.200 TaskMaster Enterprises employs a standard cost system in which direct materials inventory is carried at standard cost. TaskMaster has established the following standards for the prime costs of one unitof product.Direct Materials.Direct LaborMultiple ChoiceODuring November, TaskMaster purchased 170,000 pounds of direct materials at a total cost of $663,000. The total factory wages for November were $62,000, 90% of which were for direct labor.TaskMaster manufactured 20,100 units of product during November using 150,750 pounds of direct materials and 5.200 direct labor-hours.What is the direct labor rate variance for November?$1,874$2,900$6,600Standard Quantity8 pounds0.25 hour$4,200Standard Price$ 3.80 per pound$ 12.00 per hourStandard Cost$ 30.403.00$33.404

Name: TaskMaster Enterprises employs a standard cost system in which direct
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Description: TaskMaster Enterprises employs a standard cost system in which direct materials inventory is carried at standard cost. TaskMaster has established the following standards for the prime costs of one unit of product.Direct MaterialsDirect LaborStandard

The variance is the difference between the actual and standard cost of production data. The variance…

Answered: TaskMaster Enterprises employs a…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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TaskMaster Enterprises employs a standard cost system in which direct materials inventory is carried at standard cost. TaskMaster has established the following standards for the prime costs of one unit of product. Direct Materials Direct Labor Standard Quantity 8 pounds 0.25 hour Standard Price $ 3.80 per pound $ 12.00 per hour Standard Cost $ 30.40 3.00 $ 33.40 During November, TaskMaster purchased 170,000 pounds of direct materials at a total cost of $663.000. The total factory wages for November were $62.000, 90% of which were for direct labor. TaskMaster manufactured 20,100 units of product during November using 150.750 pounds of direct materials and 5.200 direct labor-hours. What is the direct labor rate variance for November? Multiple Choice $1,874 $2,900 $6,600 54.200

Definition Definition System of assigning an estimated cost to the product (instead of the actual cost) so that the product cost can be determined well in advance and the pricing of the product can be done on time. Since the actual cost cannot be predicted at the initial stage of the production process, the estimated cost is recorded in the books. Any deviation of the estimated cost of the actual cost is adjusted in the books at the end of the period.

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