Auto Suppliers Inc. provides the following standard and actual costs for direct materials to produce 3,000 units of product: Standard and Actual Costs Data Quantity for actual production Price per lb. Standard 2,100 lbs. $5.70 Actual 2,900 lbs. $5.20 Determine the direct material price variance. Group of answer choices -$1,450 favorable $3,110 unfavorable -$3,110 favorable $1,450 unfavorable
Auto Suppliers Inc. provides the following standard and actual costs for direct materials to produce 3,000 units of product: Standard and Actual Costs Data Quantity for actual production Price per lb. Standard 2,100 lbs. $5.70 Actual 2,900 lbs. $5.20 Determine the direct material price variance. Group of answer choices -$1,450 favorable $3,110 unfavorable -$3,110 favorable $1,450 unfavorable
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Auto Suppliers Inc. provides the following standard and actual costs for direct materials to produce 3,000 units of product:
Standard and Actual CostsData | Quantity for actual production | Price per lb. |
---|---|---|
Standard | 2,100 lbs. | $5.70 |
Actual | 2,900 lbs. | $5.20 |
Determine the direct material price variance.
Group of answer choices
-$1,450 favorable
$3,110 unfavorable
-$3,110 favorable
$1,450 unfavorable
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