Question
Richetti Jewelry produced 1,510 rings during March. The standard cost of each ounce of gold used in a ring is $1,000 per ounce. The standard
Richetti Jewelry produced 1,510 rings during March. The standard cost of each ounce of gold used in a ring is $1,000 per 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 $819,000 at $1,050 per 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
Material quantity variance
$enter a dollar amount
select an option
Attempts: 0 of 1 used
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started