Tao Industries,Inc.developed standard costs for direct material and direct labor.In 2012 Tao estimated the following standard costs for one of their major products,the 50-gallon plastic container.
During August,Tao produced and sold 8,000 containers using 1,900 pounds of direct materials at an average cost per pound of $41 and 250 direct labor hours at an average wage of $18.25 per hour.Determine the following variances for August:
Required:
a.Total direct material cost variance.
b.Direct material price variance.
c.Direct material quantity variance.
d.Total direct labor cost variance.
e.Direct labor rate variance.
f.Direct labor efficiency variance.
Definitions:
Land Improvement
Enhancements made to a piece of land to increase its value, such as landscaping, paving, and installing utilities.
Shrubbery
Plants, bushes, and small trees used for landscaping and decoration.
Fences
Physical barriers constructed to enclose or mark the boundary of a property or area.
Non-Depreciable Asset
A Non-Depreciable Asset is an asset that is not subject to depreciation due to its infinite useful life or being an intangible asset without physical substance, like land.
Q6: In the United Kingdom,the currency drain ratio
Q26: All of the following are true statements
Q29: If you can find someone to swap
Q32: Describe the benefits to an organization of
Q40: If Wolfgang transfers $1,000 out of his
Q42: Are negative variances always unfavorable and positive
Q59: Donnelly Company is thinking of dropping Product
Q63: Which of the following assets is the
Q91: The number of units that EJL must
Q114: The best label for the formula [(AP)×