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At the beginning of February, the following was determined for a particular product: Standard Quantity of material per unit 3 lbs. Standard Price of material
At the beginning of February, the following was determined for a particular product:
Standard Quantity of material per unit | 3 lbs. |
Standard Price of material | $2.00 per lb. |
Budgeted Units to be produced | 5,000 units |
The following data pertain to operations concerning the product for February:
Beginning Materials Inventory | 1,200 lbs. |
Ending Materials Inventory | 900 lbs. |
Actual Units Produced | 5,100 units |
Materials Purchase Price Variance | $1,320 Unfavorable |
Materials Quantity Variance | $400 Unfavorable |
What was the actual cost of materials purchased in February?
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