Question
Basil Tooling uses a standard cost system to account for the costs of its one product....
Basil Tooling uses a standard cost system to account for the
costs of its one product. Standards are 3.9 sheets of ½ inch steel
at $110 per sheet and 14.1 hours of labor at a standard wage rate
of $14. During July, Basil Tooling produced 620 units. Materials
purchased and used totaled 2,590 sheets at a total cost of
$273,650. Payroll totaled $121,940 for 8,800 hours worked.
a. Calculate the direct materials price variance.
(Do not round your intermediate calculations. Indicate the
effect of variance by selecting "Favorable", "Unfavorable", or
"None" for no effect (i.e., zero variance).)
b. Calculate the direct materials quantity
variance. (Indicate the effect of variance by selecting
"Favorable", "Unfavorable", or "None" for no effect (i.e., zero
variance).)
c. Calculate the direct labor rate variance.
(Do not round your intermediate calculations. Indicate the
effect of variance by selecting "Favorable", "Unfavorable", or
"None" for no effect (i.e., zero variance).)
d. Calculate the direct labor efficiency variance.
(Indicate the effect of variance by selecting "Favorable",
"Unfavorable", or "None" for no effect (i.e., zero
variance).)
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