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Gibson Corp. produces and sells a single product. Standards have been established for the product...

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Accounting

Gibson Corp. produces and sells a single product.
Standards have been established for the product as follows:
\table[[Direct Materials per unit,8 pounds @,$,5.00 per pound],[Direct Labor per unit,2 hours @,$,10.00 per hour]]
Actual cost and usage figures for the past month follow:
\table[[Units produced,1,500],[Direct materials used,5,400 pounds],[Direct materials purchased,6,000 pounds],[\table[[Cost of direct materials],[purchased]],$,18,500
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