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The Costmore Company uses standard costing and has established the following standards for direct materials and direct labor for each unit it makes: Direct Materials

The Costmore Company uses standard costing and has established the following standards for direct materials and direct labor for each unit it makes: Direct Materials 5 gallons at $6.00 per gallon Direct Labor 2.0 hour at $17.00 per hour During July, the company made 5,000 units of product and used 14,000 gallons. The actual price paid for materials was $6.55 per gallon. Direct Labor used was 4,600 hours and workers were paid $16.80 per hour. An analysis would indicate

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