Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following materials standards have been established for a particular product: Standard quantity per unit of output Standard price 3.4 grams $12.00 per grams The

The following materials standards have been established for a particular product: Standard quantity per unit of output Standard price 3.4 grams $12.00 per grams The following data pertain to operations concerning the product for the last month: Actual materials purchased Actual cost of materials purchased Actual materials used in production 1,500 grams Actual output 410 units Materials price variance 2,200 grams $ 25,630 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 "0" 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.)
image text in transcribed
image text in transcribed
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 " 0 " 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

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

Mastering Cloud Auditing A Comprehensive Guide To Learn Cloud Auditing

Authors: Cybellium Ltd, Kris Hermans

1st Edition

B0CHL8DYC7, 979-8861283809

More Books

Students also viewed these Accounting questions

Question

Persuasive Speaking Organizing Patterns in Persuasive Speaking?

Answered: 1 week ago