Haliburton Mills Inc. is a large producer of men s and women s...
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Accounting
Haliburton Mills Inc. is a large producer of men
s and women
s clothing. The company uses standard costs for all of its products. The standard costs and actual costs for a recent period are given below for one of the company
s product lines
per unit of product
: Standard Cost Actual Cost Direct materials: Standard:
metres at $
per metre $
Actual:
metres at $
per metre $
Direct labour: Standard:
hours at $
per hour
Actual:
hours at $
per hour During this period, the company produced
units of product. A comparison of standard and actual costs for the period on a total cost basis is also given above. There was no inventory of materials on hand to start the period. During the period,
metres of materials was purchased and used in production. Required:
For direct materials: a
Compute the price and quantity variances for the period.
For direct labour: a
Compute the rate and efficiency variances.
Compute the variable manufacturing overhead spending and efficiency variances.
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