Question :
Genent Industries, Inc. (GII), developed standard costs for direct material : 1212131
Genent Industries, Inc. (GII), developed standard costs for direct material and direct labor. In 2015, GII estimated the following standard costs for one of their major products, the 30-gallon heavy-duty plastic container.
Budgeted quantityBudgeted price
Direct materials0.30 pounds$20 per pound
Direct labor0.20 hours$12 per hour
During July, GII produced and sold 3,000 containers using 1,000 pounds of direct materials at an average cost per pound of $19 and 625 direct manufacturing labor hours at an average wage of $11.75 per hour.
11) July’s direct material flexible-budget variance is ________.
A) $1,000 unfavorable
B) $2,000 favorable
C) $2,500 unfavorable
D) $0
12) The direct material price variance during July is ________.
A) $1,100 unfavorable
B) $1,100 favorable
C) $1,000 unfavorable
D) $2,000 unfavorable
13) The direct material efficiency variance during July is ________.
A) $1,000 unfavorable
B) $1,100 favorable
C) $2,000 unfavorable
D) $1,000 favorable
14) The direct manufacturing labor flexible-budget variance during July is ________.
A) $375.00 unfavorable
B) $131.25 favorable
C) $143.75 unfavorable
D) $1,000 favorable
15) The direct manufacturing labor price variance during July is ________.
A) $375.00 unfavorable
B) $156.25 favorable
C) $243.75 favorable
D) $1,000 unfavorable
16) The direct manufacturing labor efficiency variance during July is ________.
A) $300.00 unfavorable
B) $156.25 favorable
C) $143.75 favorable
D) $131.75 unfavorable
Demizio Valley Orchards, Inc. (DVO), developed standard costs for direct material and direct labor. In 2015, DVO estimated the following standard costs for one of their most well loved products, the DVO classic Grandma’s large apple pie which had a brown sugar coating on the top of the crust as well as including cranberry and mince ingredients in addition to the apples.
Budgeted quantityBudgeted price
Direct materials2.0 pounds$6.25 per pound
Direct labor0.20 hours$13.00 per hour
During September, DVO produced and sold 1,100 pies using 2,300 pounds of direct materials at an average cost per pound of $6.00 and 200 direct labor hours at an average wage of $13.25 per hour.
17) September’s direct material flexible-budget variance is ________.
A) $100.00 unfavorable
B) $150.00 favorable
C) $50.00 unfavorable
D) $575 favorable
18) The direct material price variance during September is ________.
A) $575 favorable
B) $575 unfavorable
C) $50.00 unfavorable
D) $50.00 favorable
19) The direct material efficiency variance during September is ________.
A) $575 favorable
B) $575 unfavorable
C) $625 favorable
D) $625 unfavorable
20) The direct labor flexible-budget variance during September is ________.
A) $210.00 favorable
B) $210.00 unfavorable
C) $250.00 favorable
D) $250.00 unfavorable
0
Sweetums
