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The Russell Company provides the following standard cost data per unit of product: Direct material (3 gallons @ $3 per gallon) $9.00 Direct labor (2 hours @ $12 per hour) 24.00 During the period, the company produced and sold 22,000 units incurring the following costs Direct materials 68,000 gallons @ $2.90 per gallon Direct labor 44,500 hours $12.05 per hour The direct labor usage variance was

The Russell Company provides the following standard cost data per unit of product: Direct material (3 gallons @ $3 per gallon) $9.00 Direct labor (2 hours @ $12 per hour) 24.00 During the period, the company produced and sold 22,000 units incurring the following costs Direct materials 68,000 gallons @ $2.90 per gallon Direct labor 44,500 hours $12.05 per hour The direct labor usage variance was

FINANCIAL ACCOUNTING
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 (3 gallons @ $3 per gallon) $9.00 Direct labor (2 hours @ $12 per hour) 24.00 During the period, the company produced and sold 22.000 units incurring the following costs: Direct materials Direct labor The direct labor usage variance was 68,000 gallons @ $2.90 per gallon 44,500 hours @ $12.05 per hour
Transcribed Image Text:The Russell Company provides the following standard cost data per unit of product: Direct material (3 gallons @ $3 per gallon) $9.00 Direct labor (2 hours @ $12 per hour) 24.00 During the period, the company produced and sold 22.000 units incurring the following costs: Direct materials Direct labor The direct labor usage variance was 68,000 gallons @ $2.90 per gallon 44,500 hours @ $12.05 per hour
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