A company developed the following per-unit standards for its product: 2 pounds of direct materials at $10 per pound. Last month. 3500 pounds of direct materials were purchased for $13300. The direct materials price variance for last month was O $13300 favorable. O $21700 favorable. O $21700 unfavorable. O $10850 favorable.

A company developed the following per-unit standards for its product: 2 pounds of direct materials at $10 per pound. Last month. 3500 pounds of direct materials were purchased for $13300. The direct materials price variance for last month was O $13300 favorable. O $21700 favorable. O $21700 unfavorable. O $10850 favorable.

Name: A company developed the following per-unit standards for its product:
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Description: A company developed the following per-unit standards for its product: 2 pounds of direct materials at $10 per pound. Last month,3500 pounds of direct materials were purchased for $13300. The direct materials price variance for last month wasO $13300

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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April Corporation developed the following per-unit standards for its product: 2 pounds of direct materials at $3.75 per pound. Last month, 2,000 pounds of direct materials were used to produce 900 units of product. The direct materials usage variance for last month was: Multiple Choice $200 favorable. $750 unfavorable. $1,800 favorable. $200 unfavorable.
Sexson Corporation uses a standard cost system. The following information pertains to direct materials for the month of May. Standard price per lb. $12.00 Actual purchase price per lb. $11.00 Quantity purchased 6,200 lbs. Quantity used 5,900 lbs. Standard quantity allowed for actual output 6,000 lbs. Actual output 1,000 units Sexson reports its material price variances at the time of purchase. What is the standard quantity of direct materials per unit for Sexson Corporation? Group of answer choices 6.00 lbs 7.00 lbs 6.50 lbs 6.20 lbs
Subm The standards for product V28 call for 8.0 pounds of a raw material that costs $18.80 per pound. Last month, 1,900 pounds of the raw material were purchased for $35,340. The actual output of the month was 210 units of product V28. A total of 1,800 pounds of the raw material were used to produce this output. The direct materials purchases variance is computed when the materials are purchased. Required: a. What is the materials price variance for the month? b. What is the materials quantity variance for the month? Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values. a. Materials price variance b. Materials quantity variance
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Company XYZ uses a single raw material in its production process. The standard price for a unit of material is $2.00. During the month the company purchased and used 600 units of this material at a price of $2.25 per unit. The standard quantity required per finished product is 2 units and during the month, the company produced 310 finished units. How much was the material quantity variance? A. $40 favorable. B. $45 unfavorable. C. $45 favorable. D. $40 unfavorable.
Oxford Company has a materials standard of 21 pounds per unit of output. Each pound has a standard price of $17 per pound. During February, Oxford Company paid $57,600 for 5,190 pounds at $18 per pound, which were used to produce 2.450 units of product. What is the direct materials price variance? Multiple Choice $1,700 untevorable $5.540 favorable $5,190 unfavorable $3.100 favorable
1. The standard and actual prices per pound of raw material are $4.00 and $4.50, respectively. A total of 10,500 pounds of raw material was purchased and then used to produce 5,000 units. The quantity standard allows two pounds of the raw material per unit produced. What was the materials quantity variance? a. $5,000 unfavorable b. $5,000 favorable c. $2,000 favorable d. $2,000 unfavorable 2. Referring to the facts in question 1 above, what was the material price variance? a. $5,250 favorable b. $5,250 unfavorable c. $5,000 unfavorable d. $5,000 favorable
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If there were no variances, how much was the company's absorption costing income?
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