TaskMaster Enterprises employs a standard cost system in which direct materials inventory is carried at standard cost. TaskMaster has established the following standards for the prime costs of one unit of product.Standard QuantityStandard PriceStandard CostDirect Materials8 pounds$ 2.60 per pound$ 20.80Direct Labor0.25 hour$ 9.60 per hour2.40$ 23.20During November, TaskMaster purchased 164.000 pounds of direct materials at a total cost of $442,800. The total factory wages for November were $50.000, 90% of which were for direct labor.TaskMaster manufactured 19,400 units of product during November using 145,500 pounds of direct materials and 5.080 direct labor-hours.What is the direct materials efficiency variance for November?Multiple Choice$22.520$25,220$22.370$24,120 TaskMaster Enterprises employs a standard cost system in which direct materials inventory is carried at standard cost. TaskMaster has established the following standards for the prime costs of one unitof product.Direct Materials.Direct LaborWhat is the direct materials efficiency variance for November?Multiple ChoiceDuring November, TaskMaster purchased 164,000 pounds of direct materials at a total cost of $442,800. The total factory wages for November were $50,000, 90% of which were for direct labor.Taskmaster manufactured 19,400 units of product during November using 145,500 pounds of direct materials and 5,080 direct labor-hours.4OO$22,520$25,220Standard Quantity8 pounds0.25 hour$22.370$24.120Standard Price$ 2.60 per pound$9.60 per hourStandard Cost$ 20.802.40$ 23.20

Name: TaskMaster Enterprises employs a standard cost system in which direct
Uploaded: 2024-03-20T06:33:06.000Z
Channel: Bartleby
Description: TaskMaster Enterprises employs a standard cost system in which direct materials inventory is carried at standard cost. TaskMaster has established the following standards for the prime costs of one unit of product.Standard QuantityStandard PriceStanda

Standard quantity of material allowed= Standard quantity for actual output. If actual price or…

Answered: TaskMaster Enterprises employs a…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter8: Standard Costs And Variances

Section: Chapter Questions

Problem 5EB: Smith Industries uses a cost system that carries direct materials inventory at a standard cost. The...

See similar textbooks

Related questions

Concept explainers

Topic Video

Question

100%

TaskMaster Enterprises employs a standard cost system in which direct materials inventory is carried at standard cost. TaskMaster has established the following standards for the prime costs of one unit of product. Standard Quantity Standard Price Standard Cost Direct Materials 8 pounds $ 2.60 per pound $ 20.80 Direct Labor 0.25 hour $ 9.60 per hour 2.40 $ 23.20 During November, TaskMaster purchased 164.000 pounds of direct materials at a total cost of $442,800. The total factory wages for November were $50.000, 90% of which were for direct labor. TaskMaster manufactured 19,400 units of product during November using 145,500 pounds of direct materials and 5.080 direct labor-hours. What is the direct materials efficiency variance for November? Multiple Choice $22.520 $25,220 $22.370 $24,120

Definition Definition System of assigning an estimated cost to the product (instead of the actual cost) so that the product cost can be determined well in advance and the pricing of the product can be done on time. Since the actual cost cannot be predicted at the initial stage of the production process, the estimated cost is recorded in the books. Any deviation of the estimated cost of the actual cost is adjusted in the books at the end of the period.

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions