Information about direct materials cost follows for a local company:Standard price per materials gramActual quantity usedStandard quantity allowed for production$2,450 grams2,600 grams$19,600 F19Price varianceRequired:What was the actual purchase price per gram?Actual purchase priceper gram

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Description: Information about direct materials cost follows for a local company:Standard price per materials gramActual quantity usedStandard quantity allowed for production$2,450 grams2,600 grams$19,600 F19Price varianceRequired:What was the actual purchase pr

Standard price (SP) = $19 Actual quantity used (AQ) = 2450 grams Price variance = $19600 F Actual…

Business

Accounting

Information about direct materials cost follows for a local company: Standard price per materials gram Actual quantity used Standard quantity allowed for production Price variance $ 2,450 grams 2,600 grams $19,600 F 19 Required: What was the actual purchase price per gram? Actual purchase price per gram

Information about direct materials cost follows for a local company: Standard price per materials gram Actual quantity used Standard quantity allowed for production Price variance $ 2,450 grams 2,600 grams $19,600 F 19 Required: What was the actual purchase price per gram? Actual purchase price per gram

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter2: Basic Managerial Accounting Concepts

Section: Chapter Questions

Problem 39E: Cost Classification Loring Company incurred the following costs last year: Required: 1. Classify...

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Information about direct materials cost follows for a local company: Standard price per materials gram $ 15 Actual quantity used 2,250 grams Standard quantity allowed for production 2,400 grams Price variance $ 13,500 F Required: What was the actual purchase price per gram?
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The standard costs and actual costs for direct materials for the manufacture of 3,000 actual units of product are Actual Material price per pound of direct material Quantity of material in pound per unit of product Actual production untis of product BDMOV (AQ SQ) for Actual Production x SP C DMCV DMPV + DMOV Actual cost per unit of product (AC) Standard costs per unit of product (SC) $8.00 Alternate formula to compute DMCV= (Actual cost-standard cost) per unit x # of units 065 3,000 Required: Compute the followings variances and indicate if they are favorable (F) or unfavorable (UF) A. Direct material Price variance (DMPV) B. Direct matenal Quantity variance (DMQV) C. Total Direct material Cost variance (DMCV) Solution: A.DMPV = (AP-SP) x AQ for Actual Production Standard Variance $ For UF ($1,462 50) F ($5,250.00) F AQ $8.75 SQ 0.45 ($6.712 50) F 1950 1350 Acronyms: AP Actual price per unit of Material SP Standard price per unit of Material AQ-Actual quantity of Material for Actual…
Problem 16-61 (Algo) Direct Materials (LO 16-5) Information about direct materials cost follows for a local company: Standard price per materials gram Actual quantity used Standard quantity allowed for production 20 2,270 grams 2,400 grams $15,890 F Price variance Required: What was the actual purchase price per gram? Actual purchase price per gram
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possible Standard material cost per kg of raw material is $8.75. Standard material allowed per unit is 6 Kg. Actual material used per unit is 6.25 Kg. Actual cost per kg is $8.00. What is the standard cost per output unit? O A. $48.00 B. $52.50 C. $50.00 D. $54.69 A: S Next