A company reports the following for one of its products. Direct materials standard (3 pounds @ $2 per pound) Actual direct materials used (AQ) Actual units produced Actual cost of direct materials used. Actual Cost AQ = Actual Quantity SQ = Standard Quantity AP Actual Price SP Standard Price Compute the direct materials price and quantity variances and identify each as favorable or unfavorable. X X $6 per unit 310,000 pounds X 70,000 units $ 527,000 Standard Cost X

A company reports the following for one of its products. Direct materials standard (3 pounds @ $2 per pound) Actual direct materials used (AQ) Actual units produced Actual cost of direct materials used. Actual Cost AQ = Actual Quantity SQ = Standard Quantity AP Actual Price SP Standard Price Compute the direct materials price and quantity variances and identify each as favorable or unfavorable. X X $6 per unit 310,000 pounds X 70,000 units $ 527,000 Standard Cost X

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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