Question: please solve and show step by step work eBook Print Item 7.00 Basic Variance Analysis, Revision of Standards, Journal Entries Petrillo Company produces engine parts

please solve and show step by step work

Basic Variance Analysis, Revision of Standards, Journal Entries Petrillo Company produces engine

parts for large motors. The company uses a standard cost system for

production costing and control. The standard cost sheet for one of its

higher volume products (a valve) is as follows: Direct materials (7 lbs.

eBook Print Item 7.00 Basic Variance Analysis, Revision of Standards, Journal Entries Petrillo Company produces engine parts for large motors. The company uses a standard cost system for production costing and control. The standard cost sheet for one of its higher volume products (a valve) is as follows: Direct materials (7 lbs. $5.40) $37.80 Direct labor (1,75 hrs. $18) 31.50 Variable overhead (1:75 hrs. $4.00) Fixed overhead (1.75 hrs. O $3.00) 5.25 Standard cost per unit $81.55 During the year, Petrillo had the following activity related to valve productions a. Production of valves totaled 20,600 units

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