Question
Florea Corporation has provided the following data concerning its most important raw material: Standard cost, per liter $26.50 Standard quantity, liters per unit of output
Florea Corporation has provided the following data concerning its most important raw material:
Standard cost, per liter | $26.50 |
Standard quantity, liters per unit of output | 6 |
Cost of material purchased in August, per liter | $26.70 |
Material purchased in August, liters | 1,500 |
Material used in production in August,liters | 560 |
Actual output in August, units | 100 |
The raw material was purchased on account. Not all of the liters of material purchased in August was placed into production in August. Some of the liters are still in the Raw Materials Inventory.
1. The debits to the Raw Materials account for August would total:?
2. The credits to the Raw Materials account for August would total?
3. The Materials Price Variance for August would be recorded as a?
4. The Materials Quantity Variance for August would be recorded as a:?
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