Question

Crescent Tool Works uses a standard cost system. The month’s data regarding its iron castings follow:
● Materials purchased and used, 3,300 pounds
● Direct-labor costs incurred, 5,500 hours, $42,350
● Variable-overhead costs incurred, $4,620
● Finished units produced, 1,000
● Actual materials cost, $.97 per pound
● Standard variable-overhead rate, $.80 per direct-labor hour
● Standard direct-labor cost, $8 per hour
● Standard materials cost, $1 per pound
● Standard pounds of material in a finished unit, 3
● Standard direct-labor hours per finished unit, 5
Prepare schedules of all variances.


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  • CreatedNovember 19, 2014
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