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Please help me with question 29, 30(a+b) Advanced Company reports the following information for the current year. All beginning inventory amounts equaled $0 this year.
Please help me with question 29, 30(a+b)
Advanced Company reports the following information for the current year. All beginning inventory amounts equaled $0 this year. Units produced this year 25,000 units Units sold this year 15,000 units Direct materials $8 per unit Direct labor $10 per unit Variable overhead $3 per unit Fixed overhead $50,000 in total Variable selling and administrative $5 per urit Fixed selling and administrative $20,000 in total Selling price $50 Given Advanced Company's data, compute the contribution margin per unit using variable costing. The following materials standards have been established for a particular product: The following data pertain to operations concerning the product for the last month: The direct materials purchases variance is computed when the materials are purchased. Required: a. What is the materials price variance for the month? (Input the amount as a positive value. Leave no cells blank - be certain to enter "O" wherever required. Indicate the effect of each variance by selecting " F " for favorable, " U " for unfavorable, and "None" for no effect (i.e., zero variance.) b. What is the materials quantity variance for the month? (Input the amount a as positive value. Leave no cells blank - be certain to enter "O" wherever required. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance,) Step by Step Solution
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