Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Genent Industries, Inc. (GII), developed standard costs for direct material. GII estimated the following standard costs for one unit of its product. Standard quantity Standard

Genent Industries, Inc. (GII), developed standard costs for direct material. GII estimated the following standard costs for one unit of its product.

Standard quantity Standard price

Direct materials 0.30 pounds $20 per pound

During July, GII produced 3,000 containers using 1,000 pounds of direct materials at an average cost per pound of $19.

The direct material quantity variance during July is ________.

$1,000 favorable

$1,100 unfavorable

$1,000 unfavorable

$2,000 unfavorable

$1,100 favorable

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

Managements Reluctance In Implementing Audit Recommendations

Authors: Tariro Chinamasa

1st Edition

6139980240, 978-6139980246

More Books

Students also viewed these Accounting questions

Question

2. How effectively does this letter present important details?

Answered: 1 week ago