Save Answer Genent Industries, Inc. (GII), developed standard costs for direct material and direct labor....
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Save Answer Genent Industries, Inc. (GII), developed standard costs for direct material and direct labor. In 2015, GIl estimated the following standard costs for one of their major products, the 30-gallon heavy-duty plastic container. Per Unit Data Standard Quantity Standard Price Standard Cost Per Unit Direct materials 10.30 pounds $20 per pound $6.00 Direct labor 10.20 hours $12 per hour $2.40 GIl budgeted production for July at 3,200 units. During July, GIl 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. Beginning and ending materials inventory is nonexistent. The direct material price variance during July is $1,000 favorable $800 favorable $2,000 unfavorable $1,000 unfavorable
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