KennelJewelry produced1,390rings during March. The standard cost of each ounce of gold used in a ring is
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Question:
KennelJewelry produced1,390rings during March. The standard cost of each ounce of gold used in a ring is $990per ounce. The standard quantity of material for each ring is a half ounce of gold per ring. The cost of gold purchased and used in March was $805,600at $1,060per ounce. Determine the material price variance and the material quantity variance for March. Indicate whether each variance is favorable or unfavorable.(Enter all variances as a positive number.)
Material price variance$
enter a dollar amount
select an option
Unfavorable
Favorable
Neither Unfavorable nor Favorable
Material quantity variance$
enter a dollar amount
select an option
Unfavorable
Favorable
Neither Unfavorable nor Favorable
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