Acer Manipulation Manufacturing's (AMM) standards anticipate that there will be 2 pounds of raw material used for every unit of finished goods produced AMM began the month of May with 7,000 pounds of raw material, purchased 10,000 pounds for $7,000 and ended the month with 6,000 pounds on hand. The company produced 4,700 units of finished goods. The company estimates standard costs at $1.20 per pound. The materials price and efficiency variances for the month of May were as follows 01. Price Variance $5,000 U O2 Price Variance $5.000 F 03. Price Variance $5.500 F Q4. Price Variance Efficiency Variance $1,920 F Efficiency Variance $1.920 U Efficiency Variance $1.920 U Efficiency Variance $5,000 F 50

Acer Manipulation Manufacturing's (AMM) standards anticipate that there will be 2 pounds of raw material used for every unit of finished goods produced AMM began the month of May with 7,000 pounds of raw material, purchased 10,000 pounds for $7,000 and ended the month with 6,000 pounds on hand. The company produced 4,700 units of finished goods. The company estimates standard costs at $1.20 per pound. The materials price and efficiency variances for the month of May were as follows 01. Price Variance $5,000 U O2 Price Variance $5.000 F 03. Price Variance $5.500 F Q4. Price Variance Efficiency Variance $1,920 F Efficiency Variance $1.920 U Efficiency Variance $1.920 U Efficiency Variance $5,000 F 50

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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Subject: Acounting