Question 13 - Exam Review - Ch x Direct Materials and Direct Labor X Bb GRCC - Blackboard Learn X + X C D ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fbb.grcc.edu%252Fweba... Paused . .. Bb GRCC - Blackboard... G Grand Rapids Com... KnightCite Citation... PAVE Selection - VMware Horizon M Gmail f Facebook a, Amazon.com: Onlin. TLDR This - Article.. ! Bplans: Business Pla.. Exam Review - Ch 18, 21 & 23 @ Saved Help Save & Exit Submit Explanation 13 Show correct answers 0.02/0.02 QS 21-8 (Algo) Direct materials price and quantity variances LO P3 points awarded Scored A company reports the following for one of its products. Direct materials standard (5 pounds @ $2 per pound) $ 10 per unit Actual direct materials used (AQ) 380, 000 pounds eBook Actual units produced 65, 000 units Actual cost of direct materials used $ 703, 000 Hint AQ = Actual Quantity Print SQ = Standard Quantity References AP = Actual Price SP = Standard Price Compute the direct materials price and quantity variances and identify each as favorable or unfavorable. Actual Cost Standard Cost AQ x AP V AQ SP SQ x SP 747000 380,000 x $ 1.85 380,000 x $ 2.00 6,500 x $ 2.00 $ 703,000 $ 760,000 5 13,000 $ 57,000 690000 $ 747,000 Mc Direct materials price variance $ 57,000 Favorable Graw HillQuestion 13 - Exam Review - Ch x Direct Materials and Direct Labor X Bb GRCC - Blackboard Learn * *Course Hero X + X C D ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fbb.grcc.edu%252Fweba.. a Paused . .. Bb GRCC - Blackboard... G Grand Rapids Com... KnightCite Citation... PAVE Selection - VMware Horizon M Gmail f Facebook a, Amazon.com: Onlin. TLDR This - Article.. ! Bplans: Business Pla.. Exam Review - Ch 18, 21 & 23 @ Saved Help Save & Exit Submit Show correct answers 13 Compute the direct materials price and quantity variances and identify each as favorable or unfavorable. Actual Cost Standard Cost AQ AP AQ * SP SQ SP 0.02/0.02 747000 points awarded 380,000 x $ 1.85 380,000 $ 2.00 6,500 x x $ 2.00 $ 703,000 $ 760,000 5 13,000 Scored $ 57,000 690000 $ 747,000 eBook Direct materials price variance $ 57,000 Favorable V Direct materials quantity variance 747,000 Unfavorable Hint Total direct materials variance * Unfavorable Print *Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted. References Explanation No further explanation details are available for this problem. Mc Graw Hill