Basil Tooling uses a standard cost system to account for the costs of its one...
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Accounting
Basil Tooling uses a standard cost system to account for the costs of its one product. Standards are sheets of inch steel at $ per sheet and hours of labor at a standard wage rate of $ During July, Basil Tooling produced units. Materials purchased and used totaled sheets at a total cost of $ Payroll totaled $ for hours worked. Calculate the:
direct materials price variance.
direct materials quantity variance.
Total spending material variance.
direct labor rate variance.
direct labor efficiency variance.
Total spending labor variance.
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