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Standard Materials Cost The controller at your shoemaking company has determined that under normal conditions, you will spend $8.40 per unit of materials, and it will take 2.6 units of material per pair of shoes. Given this information, calculate the standard cost of materials per pair of shoes. If require, round the standard cost per pair of shoes to the nearest cent. Standard Price Manufacturing Costs per Unit of Material x Direct Materials 8.40 per unit Feedback Manufacturing Costs Direct Materials Check My Work Use the standard price and standard materials values shown to compute the standard cost per pair Feedback Actual Materials Cost During July, your shoemaking company incurred actual direct materials costs of $62,211 for 6.990 units of direct materials in the production of 2.175 pairs of shoes. Given this information, calculate the actual cost of materials per unit. If require, round the actual cost of materials per unit to the nearest cent. Actual Total Cost Actual Materials of Materials 1 Used Actual Cost per Unit 6.990 units Actual Materials 6,990 ✔ $62,211 ✔ x X Check My Work Use the actual total cost of materials and actual materials used as shown to compute the actual cost per unit of materials Standard Materials per Pair 2.6 units APPLY THE CONCEPTS: Conduct the Direct Materials Cost Variance Analysis Complete the following graphic to compute the direct materials price variance, the direct materials quantity variance, and the total direct materials cost variance for your shoe-making business. When required, enter the rates as dollars and cents. If required, use the minus sign to indicate a negative value. Illustrated Example: Calculating Direct Materials Cost Variance Actual Cost Actual Rate 8.9 ✔ = 62,211 ✔ Actual Materials Standard Cost per Pair 6,990 ✔ 21.84 ✔ x . 8.9 V Standard Rate 5,655 X Standard Cost Standard Materials X Standard Rate 8.4 ✔

Standard Materials Cost The controller at your shoemaking company has determined that under normal conditions, you will spend $8.40 per unit of materials, and it will take 2.6 units of material per pair of shoes. Given this information, calculate the standard cost of materials per pair of shoes. If require, round the standard cost per pair of shoes to the nearest cent. Standard Price Manufacturing Costs per Unit of Material x Direct Materials 8.40 per unit Feedback Manufacturing Costs Direct Materials Check My Work Use the standard price and standard materials values shown to compute the standard cost per pair Feedback Actual Materials Cost During July, your shoemaking company incurred actual direct materials costs of $62,211 for 6.990 units of direct materials in the production of 2.175 pairs of shoes. Given this information, calculate the actual cost of materials per unit. If require, round the actual cost of materials per unit to the nearest cent. Actual Total Cost Actual Materials of Materials 1 Used Actual Cost per Unit 6.990 units Actual Materials 6,990 ✔ $62,211 ✔ x X Check My Work Use the actual total cost of materials and actual materials used as shown to compute the actual cost per unit of materials Standard Materials per Pair 2.6 units APPLY THE CONCEPTS: Conduct the Direct Materials Cost Variance Analysis Complete the following graphic to compute the direct materials price variance, the direct materials quantity variance, and the total direct materials cost variance for your shoe-making business. When required, enter the rates as dollars and cents. If required, use the minus sign to indicate a negative value. Illustrated Example: Calculating Direct Materials Cost Variance Actual Cost Actual Rate 8.9 ✔ = 62,211 ✔ Actual Materials Standard Cost per Pair 6,990 ✔ 21.84 ✔ x . 8.9 V Standard Rate 5,655 X Standard Cost Standard Materials X Standard Rate 8.4 ✔

Principles of Accounting Volume 2
Principles of Accounting Volume 2
19th Edition
ISBN:9781947172609
Author:OpenStax
Publisher:OpenStax
Chapter8: Standard Costs And Variances
Section: Chapter Questions
Problem 2EB: Salley is developing material and labor standards for her company. She finds that it costs $0.55 per...
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K Standard Materials Cost The controller at your shoemaking company has determined that under normal conditions, you will spend $8.40 per unit of materials, and it will take 2.6 units of material per pair of shoes. Given this information, calculate the standard cost of materials per pair of shoes. If require, round the standard cost per pair of shoes to the nearest cent. Manufacturing Costs Direct Materials Feedback Check My Work Manufacturing Costs Direct Materials Feedback. Use the standard price and standard materials values shown to compute the standard cost per pair. Standard Price per Unit of Material x 8.40✔ per unit Actual Materials Cost During July, your shoemaking company incurred actual direct materials costs of $62,211 for 6,990 units of direct materials in the production of 2,175 pairs of shoes. Given this information, calculate the actual cost of materials per unit. If require, round the actual cost of materials per unit to the nearest cent. Actual Total Cost Actual Materials Actual Cost of Materials 1 Used per Unit 62,211 ✔ Actual Materials 6,990 Chack Mr Work My Actual Cost Standard Materials per Pair 2.6 ✔ units Actual Rate 8.9 ✔ ▼Check My Work Use the actual total cost of materials and actual materials used as shown to compute the actual cost per unit of materials 62,211 ✓ 6,990 APPLY THE CONCEPTS: Conduct the Direct Materials Cost Variance Analysis Complete the following graphic to compute the direct materials price variance, the direct materials quantity variance, and the total direct materials cost variance for your shoe-making business. When required, enter the rates as dollars and cents. If required, use the minus sign to indicate a negative value. Illustrated Example: Calculating Direct Materials Cost Variance I ✓ units = Standard Cost per Pair Actual Materials 21.84 ✓ = 6,990 ✓ 8.9 ✓ Standard Rate 5,655 X Standard Cost Standard Materials X Standard Rate 8.4 ✓ Previour Next
Transcribed Image Text:K Standard Materials Cost The controller at your shoemaking company has determined that under normal conditions, you will spend $8.40 per unit of materials, and it will take 2.6 units of material per pair of shoes. Given this information, calculate the standard cost of materials per pair of shoes. If require, round the standard cost per pair of shoes to the nearest cent. Manufacturing Costs Direct Materials Feedback Check My Work Manufacturing Costs Direct Materials Feedback. Use the standard price and standard materials values shown to compute the standard cost per pair. Standard Price per Unit of Material x 8.40✔ per unit Actual Materials Cost During July, your shoemaking company incurred actual direct materials costs of $62,211 for 6,990 units of direct materials in the production of 2,175 pairs of shoes. Given this information, calculate the actual cost of materials per unit. If require, round the actual cost of materials per unit to the nearest cent. Actual Total Cost Actual Materials Actual Cost of Materials 1 Used per Unit 62,211 ✔ Actual Materials 6,990 Chack Mr Work My Actual Cost Standard Materials per Pair 2.6 ✔ units Actual Rate 8.9 ✔ ▼Check My Work Use the actual total cost of materials and actual materials used as shown to compute the actual cost per unit of materials 62,211 ✓ 6,990 APPLY THE CONCEPTS: Conduct the Direct Materials Cost Variance Analysis Complete the following graphic to compute the direct materials price variance, the direct materials quantity variance, and the total direct materials cost variance for your shoe-making business. When required, enter the rates as dollars and cents. If required, use the minus sign to indicate a negative value. Illustrated Example: Calculating Direct Materials Cost Variance I ✓ units = Standard Cost per Pair Actual Materials 21.84 ✓ = 6,990 ✓ 8.9 ✓ Standard Rate 5,655 X Standard Cost Standard Materials X Standard Rate 8.4 ✓ Previour Next
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