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Business, 31.05.2021 14:50 kdior27

Ironwood Company manufactures cast-iron barbeque cookware. During a recent windstorm, it lost some of its cost accounting records. Ironwood has managed to reconstruct portions of its standard cost system database but is still missing a few pieces of information. Required:
Use the information in the table to determine the unknown amounts.

Direct Materials Direct Labour
Standard amount per pan produced 2.5 lb 1.10hr
Standard cost 4.20 per lb 16.00 per hr
Actual amount used per pan produced 2.4lb 1.20 hr
Actual cost 4.10 per lb 15.50 per hr
Actual number of pans produced and sold 2500 pans 2500 pans
Direct materials price variance
Direct materials quantity variance
Direct materials spending variance
Direct labor rate variance
Direct labor efficiency variance
Direct labor spending variance

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