The Russell Company provides the following standard cost data per unit of product: Direct material (2 gallons @ $3 per gallon) $6 Direct labor (1 hours @ $12 per hour) $12 During the period, the company produced and sold 21,000 units, incurring the following costs: Direct material Direct labor 45,000 gallons @ $ 2.90 per gallon 21,500 hours @ $11.75 per hour The direct labor usage variance was: 4200 favorable 4500 favorable 4200 unfavorable 4500 favorable

The Russell Company provides the following standard cost data per unit of product: Direct material (2 gallons @ $3 per gallon) $6 Direct labor (1 hours @ $12 per hour) $12 During the period, the company produced and sold 21,000 units, incurring the following costs: Direct material Direct labor 45,000 gallons @ $ 2.90 per gallon 21,500 hours @ $11.75 per hour The direct labor usage variance was: 4200 favorable 4500 favorable 4200 unfavorable 4500 favorable

Name: The Russell Company provides thefollowing standard cost data per unit
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Description: The Russell Company provides thefollowing standard cost data per unitof product:Direct material (2 gallons @ $3 pergallon) $6Direct labor (1 hours @ $12 per hour)$12During the period, the companyproduced and sold 21,000 units,incurring the following

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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The Russell Company provides the following standard cost data per unit of product: Direct material (2 gallons @ $4 per gallon) Direct labor (1 hours @ $13 per hour) During the period, the company produced and sold 23,000 units, incurring the following costs: Direct material Direct labor $ 8.00 $13.00 50,000 gallons @ $3.90 per gallon 23,500 hours @ $12.75 per hour The direct material usage variance was:
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