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

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Data	Quantity for actual production	Price per lb.
Standard	2,100 lbs.	$5.70
Actual	2,900 lbs.	$5.20

Similar questions

A company reports the following for one of its products. Direct materials standard (5 pounds @ $8 per pound) Actual units produced $ 40 per unit 80,000 units Actual cost of direct materials used 3,232,000 Compute the total direct materials cost variance and identify it as favorable or unfavorable. (Indicate the effect of the variance by selecting favorable, unfavorable, or no variance.) Direct materials variance
Please answer complete question, otherwise skip it,,,answer in text form please (without image)
Larry's Woodworks has collected the following data for its cutting board line of products: K Direct materials standard Direct materials standard cost Actual Direct Materials Used (AQU) Actual finished goods purchased What is the direct materials quantity variance? 10 pounds per unit $0.54 per pound 40,000 pounds 4,100 units OA. $17,860 unfavorable OB. $17,860 favorable OC. $540 unfavorable OD. $540 favorable
Jordan Manufacturing Company established the following standard price and cost data. Sales price $ 8.50 per unit Variable manufacturing cost $ 3.60 per unit Fixed manufacturing cost $ 2,300 total Fixed selling and administrative cost $ 700 total Jordan planned to produce and sell 2,500 units. Actual production and sales amounted to 2,700 units. Required Determine the sales and variable cost volume variances. Classify the variances as favorable (F) or unfavorable (U). Determine the amount of fixed cost that will appear in the flexible budget. Determine the fixed cost per unit based on planned activity and the fixed cost per unit based on actual activity.
Parallel Enterprises has collected the following data on one of its products. During the period the company produced 25,000 units. The direct materials quantity variance is: Direct materials standard (7 Kilogram @ $2/Kilogram) Actual cost of materials purchased Actual direct materials purchased and used Multiple Choice $50,000 favorable. $22.500 unfavorable. $27,500 unfavorable. $50,000 unfavorable $22.500 favorable
Please help me with correct answer thanku
The following data relating to direct materials cost for October of the current year are taken from the records of Good Clean Fun Inc., a manufacturer of organic toys: Quantity of direct materials used 3,900 Ibs. Actual unit price of direct materials $4.30 per Ib. Units of finished product manufactured 935 units Standard direct materials per unit of finished product 4 Ibs. Direct materials quantity variance-unfavorable $704 Direct materials price variance-favorable $390 Determine the standard direct materials cost per unit of finished product, assuming that there was no inventory of work in process at either the beginning or the end of the month. If required, round your standard cost per unit answer to two decimal places. Product finished units Standard finished product for direct materials used units Deficiency of finished product for materials used units Standard cost for direct materials per unit
Assume the following information (the quantity of materials purchased = the quantity used): Actual total cost of direct materials $ 65,560 Direct materials price variance $ 5,960 U Standard quantity of materials allowed per unit 3 pounds Standard price per pound of material $ 4.00 Standard rate per direct labor hour $ 5.00 Actual total direct labor hours 6,500 Direct labor efficiency variance $ 3,500 F Standard number of direct labor hours allowed per unit 2 hours Direct labor spending variance $ 400 U What is the actual number of units produced during the period?
Performance Eval Variances: Refer to the picture. Thanks!
The following data relating to direct materials cost for October of the current year are taken from the records of Good Clean Fun Inc., a manufacturer of organic toys: Quantity of direct materials used Actual unit price of direct materials 6,100 lb. $3.30 per lb. Units of finished product manufactured Standard direct materials per unit of finished product Direct materials quantity variance-unfavorable Direct materials price variance-unfavorable 1,465 units 4 lb. $840 $1,220 Determine the standard direct materials cost per unit of finished product, assuming that there was no inventory of work in process at either the beginning or end of the month. If required, round your standard cost per unit answer to two decimal places. Product finished Standard finished product for direct materials used Deficiency of finished product for materials used Standard cost for direct materials units units units per unit
Auto Suppliers Inc. provides the following standard and actual costs for direct materials to produce 3,000 units of product: Quantity for actual production Price per lb. Standard 2,100 lbs. $5.70 Actual 2,900 lbs. $5.20 Determine the direct material quantity variance. Group of answer choices -$1,450 favorable $4,560 unfavorable $3,110 unfavorable -$4,560 favorable
Standard and actual costs for direct materials for the manufacture of 1,000 units of product were as follows: Actual costs 1,540 lbs. @ $9.15 Standard costs 1,600 lbs. @ $9.00 Determine the (a) quantity variance, (b) price variance, and (c) total direct materials cost variance. For each variance, indicate if the variance is favorable or unfavorable. (a) (b) (c)