Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Stein Products Manufacturing Corporation reported the following ( ACTUAL ) financial information for the quarter ending June 3 0 , 2 0 2 2 :

Stein Products Manufacturing Corporation reported the following (ACTUAL) financial information for the quarter ending June 30,2022:
Pieces of 5 X 9 Materials:
Date Purchased Quantity PurchasedCost per unit Total invoice Cost
04/04/22500 $1.05 $525.00
04/08/22200 $1.00 $200.00
04/15/221,200 $.099 $1,188.00
05/12/221,000 $1.02 $1.120.00
05/16/22600 $1.06 $636.00
06/04/22200 $1.02 $204.00
06/22/22800 $1.01 $808.00
TOTAL 4,500- $4,681
During the quarter ended June 30,2022 Stein Products Manufacturing Corporation produced 1,980 units for sale to its customers. Each unit produced is designed to use 2 pieces of 5 X 9 material. Each piece of 5 X 9 material is budgeted to cost $1.00.
On March 31,2022 Stein Products Manufacturing had zero pieces of 5 X 9 material in its raw materials inventory and on June 30,2022 Stein Products Manufacturing also had zero pieces of 5 X 9 material in its raw materials inventory.
Calculate the Direct Materials Use Variance for the quarter ending June 30,2022

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

College Accounting A Practical Approach Chapters 1-26

Authors: Jeffrey Slater

8th Edition

0130911429, 978-0130911421

More Books

Students also viewed these Accounting questions

Question

1 What are the dimensions used in Hofstedes model of culture?

Answered: 1 week ago