Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I have done the necessary formula but it shows that it is wrong. I have been computing for 5 hours, I hope for a urgent

image text in transcribed

I have done the necessary formula but it shows that it is wrong. I have been computing for 5 hours, I hope for a urgent response. thank you.

Quiz 4: Problems for Standard Co eBook Guillermo's Oil and Lube Company provided the following information for the production of oil changes during the month of June: Actual number of oil changes performed: 920 Actual number of quarts of oil used: 6,200 quarts Actual price paid per quart of oil: $5.00 Standard price per quart of oil: $4.90 Required: 1. Calculate the direct materials price variance (MPV) and the direct materials usage variance (MUV) for June using the formula approach. If required, round your $ MPV Unfavorable 620 W $ MUV Unfavorable 2,430.4 2. Calculate the total direct materials variance for oil for June. If required, round your answer to the nearest cent. S 3,050.4 Unfavorable 3. What if the actual number of quarts of oil purchased in June had been 6150 quarts, and the materials price variance was calculated at the time of purchase? If re What would be the materials price variance (MPV)? 615 Unfavorable What would be the materials usage variance (MUV)? 2,185.40 X Unfavorable

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

More Books

Students also viewed these Accounting questions

Question

3. Contrast relational contexts in organizations

Answered: 1 week ago

Question

2. Describe ways in which organizational culture is communicated

Answered: 1 week ago

Question

1. Describe and compare approaches to managing an organization

Answered: 1 week ago