Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I need answers for these questions. Thank you so much for help! Q. (REQUIRED) The following standards have been established for a raw material used

I need answers for these questions. Thank you so much for help!

image text in transcribed
Q. (REQUIRED) The following standards have been established for a raw material used to make product [92: Standard quantity of the material per unit of output ....... 4.5 pounds Standard price at the material ...................................... $13.90 per pound The following data pertain to a recent month's operations: Actual material purchased... 2.000 pounds Actual cost of material purchased" ....... $26200 Actual material used In production ...... 1.300 pounds Actual output ..................................... 220 units of product I92 The direct materials purchases variance is computed when the materials are purchased. Required: a. What is the materials price variance for the month? b. What is the materials quantity variance for the month

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

Corporate Financial Accounting

Authors: Carl S Warren, James M Reeve, Jonathan Duchac

11th Edition

0538480920, 9780538480925

More Books

Students also viewed these Accounting questions