Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

10.00 points The following materials standards have been established for a particular product: Standard quantity per unit of output Standard price 4.9 grams $12.00 per

image text in transcribedimage text in transcribedimage text in transcribed

10.00 points The following materials standards have been established for a particular product: Standard quantity per unit of output Standard price 4.9 grams $12.00 per grams The following data pertain to operations concerning the product for the last month 3,800 grams Actual materials purchased Actual cost of materials purchased Actual materials used in production Actual output S 44,270 3,100 grams 570 units The direct materials purchases variance is computed when the materials are purchased Required a. What is the materials price variance for the month? (Input the amount as a positive value. Leave no cells blank - be certain to enter "O" wherever required. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance.) Materials price variance b. What is the materials quantity variance for the month? (Input the amount a as positive value. Leave no cells blank - be certain to enter "O" wherever required. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance.) Materials quantity variance

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Audit Process Principles Practice And Cases

Authors: Iain Gray, Stuart Manson,

4th ISA Edition

1844806782, 9781844806782

More Books

Students also viewed these Accounting questions

Question

Who are the participants in securities lending?

Answered: 1 week ago

Question

2. What are your challenges in the creative process?

Answered: 1 week ago