Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The standard cost of product 777 includes 2.5 units of direct materials at $6.8 per unit. During August, the company bought 28,700 units of materials

The standard cost of product 777 includes 2.5 units of direct materials at $6.8 per unit. During August, the company bought 28,700 units of materials at $6.95 and used those materials to produce 11,700 units. Compute the total, price, and quantity variances for materials.

Total materials variance $

FavorableNeither favorable nor unfavorableUnfavorable

Materials price variance $

Neither favorable nor unfavorableUnfavorableFavorable

Materials quantity 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

Cost Managerial Accounting By Gleim Exam Questions And Explanations

Authors: Gleim

8th Edition

1581945663, 978-1581945669

More Books

Students also viewed these Accounting questions

Question

c. What groups were least represented? Why do you think this is so?

Answered: 1 week ago

Question

7. Describe phases of multicultural identity development.

Answered: 1 week ago