Genent Industries,Inc.(GII) ,developed standard costs for direct material and direct labor.In 2017,GII estimated the following standard costs for one of their major products,the 30-gallon heavy-duty plastic container.
During July,GII produced and sold 4,000 containers using 1,350 pounds of direct materials at an average cost per pound of $48 and 2,450 direct manufacturing labor hours at an average wage of $12.25 per hour.
July's direct material flexible-budget variance is ________.
Definitions:
Fried Foods Tax
A hypothetical or proposed tax imposed on products with high levels of fried content to discourage consumption and address health concerns.
Value-Added Tax (VAT)
A tax on the amount by which the value of an article has been increased at each stage of its production or distribution.
Income Tax
A government levy on individuals' or corporations' earnings.
Marginal Tax Rate
The rate of tax applied to the last dollar of income, indicating how much of any additional income will be taken as tax.
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