Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Dominic Company manufactures auto accessories. One of the company's products, an airbag that can be adjusted to fit in any size vehicle, requires a special

image text in transcribed

Dominic Company manufactures auto accessories. One of the company's products, an airbag that can be adjusted to fit in any size vehicle, requires a special plastic. During the quarter ending June 30, the company manufactured 3,200 airbags, using 2,208 kilograms of plastic. The plastic cost the company $14,573. According to the standard cost card, each airbag should require 0.61 kilograms of plastic, at a cost of $7.00 per kilogram. Required: 1. What is the standard quantity of kilograms of plastic (SQ) that is allowed to make 3,200 airbags? 2. What is the standard materials cost allowed (SQ - SP) to make 3,200 airbags? 3. What is the materials spending variance? 4. What is the materials price variance and the materials quantity variance? (For requirements 3 and 4, indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values. Do not round intermediate calculations.) 1. 2. 3. Standard quantity of kilograms allowed Standard cost allowed for actual output Materials spending variance Materials price variance Materials quantity variance 4

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

Clinical Audit In Oral Pathology Laboratory A Wide Range Of Quality Improvement

Authors: Rudra Bhardwaj, Narendra Nath Singh, Sherin Nair

1st Edition

3330343052, 978-3330343054

More Books

Students also viewed these Accounting questions

Question

Do you live/work in the area? (Circle one or both if they apply.)

Answered: 1 week ago

Question

With TDM each circuit continuously gets a fraction of the bandwidth

Answered: 1 week ago