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7-34. FLEXIBLE BUDGET, DIRECT MATERIALS, AND DIRECT MANUFACTURING LABOR VARIANCES. Emerald Statuary manufactures bust statues of famous historical figures. All statues are the same size.
7-34. FLEXIBLE BUDGET, DIRECT MATERIALS, AND DIRECT MANUFACTURING LABOR VARIANCES. Emerald Statuary manufactures bust statues of famous historical figures. All statues are the same size. Each unit requires the same amount of resources. The following information is from the static budget for 2020: Standard quantities, standard prices, and standard unit costs follow for direct materials and direct manufacturing labor: During 2020, actual number of units produced and sold was 4,800, at an average selling price of $720. Actual cost of direct materials purchased and used was $392,700(66,000 pounds at $5.95 per pound). Actual direct manufacturing labor costs were $878,400(18,300 actual direct manufacturing labor-hours at $48 per hour). Actual fixed costs were $1,170,000. There were no beginning or ending inventories
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