Question: Randolph, Inc., has determined a standard direct materials cost per unit of ($6) (2 feet ($3) per foot). Last month, Randolph purchased and used

Randolph, Inc., has determined a standard direct materials cost per unit of $$6$ (2 feet × $$3$ per foot). Last month, Randolph purchased and used 4,200 feet of direct materials for which it paid $$12,180.$ The company produced and sold 2,000 units during the month. Calculate the direct materials price, quantity, and spending variances.

Step by Step Solution

★★★★★

3.56 Rating (153 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

Direct Materials Variances Understanding the Data Standard direct materials cost per unit 6 2 feet 3 per foot Actual quantity of direct materials used 4200 feet Actual cost of direct materials 12180 U... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Managerial Accounting Questions!

1. Please explain three types of non-assurance services that auditors can provide. 2 Please explain the nature of those services. 3. Please explain whether the services can be conducted along with...

Facoma, Inc., has determined a standard direct materials cost per unit of $7.80 (2 feet $3.90 per foot). Last month, Facoma purchased and used 4,450 feet of direct materials for which it paid...

Acoma, Inc., has determined a standard direct materials cost per unit of $8(2feetx $4per foot). Last month, Acoma purchased and used 4,200 feet of direct materials for which it paid $15,750. The...

Acoma, Inc., has determined a standard direct materials cost per unit of $8 (2 feet $4 per foot). Last month, Acoma purchased and used 4,200 feet of direct materials for which it paid $15,750. The...

plz answer will thumbs up Acoma, Inc., has determined a standard direct materials cost per unit of $7.20 (2 feet * $3.60 per foot). Last month, Acoma purchased and used 4,570 feet of direct materials...

HELP PLEASE! Acoma, Inc., has determined a standard direct materials cost per unit of $7.80 (2 feet $3.90 per foot). Last month, Acoma purchase and used 4,250 feet of direct materials for which it...

Acoma, Inc., has determined a standard direct materials cost per unit of $7.00 (2 feet * $3.50 per foot). Last month, Acoma purchased and used 4,530 feet of direct materials for which it paid...

Acoma, Inc., has determined a standard direct materials cost per unit of $8.20 (2 feet * $4.10 per foot). Last month, Acoma purchased and used 4,350 feet of direct materials for which it paid...

Acoma, Incorporated, has determined a standard direct materials cost per unit of $7.80 (2 feet $3.90 per foot). Last month, Acoma purchased and used 4,610 feet of direct materials, for which it paid...

For each of the following independent cases, fill in the missing amounts in the table: (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no...

Determine the test criteria that would be used to test the following hypotheses when z is used as the test statistic and the classical approach is used

Write a response identifying several search terms/key words you used to gather a number of scholarly resources for each potential topic area as well as potential resources and search engines you used...

Western Industries' stock currently sells for $ 1 0 0 a share. You own 2 0 0 shares of the stock. The company is contemplating a 2 - for - 1 stock split. Which of the following best describes what...

Calculate the hotels present value, net present value, and IRR. First, look at the present value of this project. We know from chapter 7 that the present value of a project is the current value of a...

What are some potential disadvantages of fair value accounting?

eBay Inc. developed a Web-based marketplace at www.ebay.com, in which individuals can buy and sell a variety of items. eBay also acquired PayPal, an online payments system that allows businesses and...

What are the three major objectives of budgeting?

Short Answer 1: Suppose the government provides new tax incentive to encourage investment, use the appropriate diagrams (hint: market for loanable funds and market for foreign currency exchange) to...

Abbott Company uses the allowance method of accounting for uncollectible accounts. Abbott estimates that 3% of credit sales will be uncollectible. On January 1, the Allowance for Doubtful Accounts...

Can you check my answers A person sells widgets. It costs 110 to buy the materials today. In a year, the sales of widgets will result in revenues of 683 and costs of 181 . if the discount rate is...