01. The following materials standards have been established for the product Wand: 10.0 kilograms Standard quantity per unit of output Standard price $16.20 per kilogram The following data pertains to operations concerning the product Wand for the last month; Actual materials purchased Actual cost of materials purchased Actual materials used in production Actual output 7,300 kilograms $120,000 7,122 kilograms 740 units Required: 1. What is the materials price variance for the month? 2. What is the materials quantity variance for the month?

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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01. The following materials standards have been established for the product Wand:
JM-
Standard quantity per unit of output 10.0 kilograms the
Standard price
$16.20 per kilogram
The following data pertains to operations
S
Actual materials purchased
Actual cost of materials purchased
Actual materials used in production
Actual output
■
Required:
What is the materials price variance for the month?
2. What is the materials
quantity variance for the month?
===
..
B
M
=======
D
M
BEBE
===
g
295.
= 3 =
7,300 kilograms
$120,000
7,122 kilograms
740 units
■
concerning the product Wand for the last month;
HUFINAİJA
■
■
20-121=0
EXCE
HE
SIC
D
10=
■
Fe
Transcribed Image Text:01. The following materials standards have been established for the product Wand: JM- Standard quantity per unit of output 10.0 kilograms the Standard price $16.20 per kilogram The following data pertains to operations S Actual materials purchased Actual cost of materials purchased Actual materials used in production Actual output ■ Required: What is the materials price variance for the month? 2. What is the materials quantity variance for the month? === .. B M ======= D M BEBE === g 295. = 3 = 7,300 kilograms $120,000 7,122 kilograms 740 units ■ concerning the product Wand for the last month; HUFINAİJA ■ ■ 20-121=0 EXCE HE SIC D 10= ■ Fe
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