Question: Using the information below Answer the questions 4 to 6 : Genent Industries, Inc. (GII), developed standard costs for direct material and direct labor. In
Using the information below Answer the questions 4 to 6 :
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 quantity Budgeted price
Direct materials 0.30 pounds $20 per pound
Direct labor 0.20 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.
1) July's direct material flexible-budget variance is ? 2)The direct material price variance during July is ? 3)The direct material efficiency variance during July is ?
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