Question
The below material standards have been established for a particular product: Standard quantity per unit of production 6.2 pounds standard price ps 15.00 per pound
The below material standards have been established for a particular product:
Standard quantity per unit of production | 6.2 | pounds | |
standard price | ps | 15.00 | per pound |
The below data refers to the operations related to the product of the last month:
purchased actual materials | 7,500 | pounds | |
Actual cost of purchased materials | ps | 64,680 | |
Actual materials used in production. | 7,000 | pounds | |
actual output | 880 | units | |
The direct materials purchase variance is calculated when the materials are purchased.
Required:
What is the variance of the quantity of materials for the month?
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Cornerstones of Financial and Managerial Accounting
Authors: Rich, Jeff Jones, Dan Heitger, Maryanne Mowen, Don Hansen
2nd edition
978-0538473484, 538473487, 978-1111879044
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