Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I need help Direct Materials and Direct Labor Variances At the beginning of June, Kimber Toy Company budgeted 25,000 toy action figures to be manufactured

I need help

image text in transcribed
Direct Materials and Direct Labor Variances At the beginning of June, Kimber Toy Company budgeted 25,000 toy action figures to be manufactured in June at standard direct materials and direct labor costs as follows: Direct materials $26,250 Direct labor 15,000 Total $41,250 The standard materials price is $0.70 per pound. The standard direct labor rate is $15.00 per hour. At the end of June, the actual direct materials and direct labor costs were as follows: Actual direct materials $24,100 Actual direct labor 13,800 Total $37,900 There were no direct materials price or direct labor rate variances for June. In addition, assume no changes in the direct materials inventory balances in June. Kimber Toy Company actually produced 22,300 units during June. Determine the direct materials quantity and direct labor time variances. Round your per unit computations to two decimal places, if required. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Direct materials quantity variance Direct labor time variance

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial and Managerial Accounting

Authors: Horngren, Harrison, Oliver

3rd Edition

978-0132497992, 132913771, 132497972, 132497999, 9780132913775, 978-0132497978

More Books

Students also viewed these Accounting questions

Question

4. What means will you use to achieve these values?

Answered: 1 week ago