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
icon
Related questions
Question

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
AI-Generated Solution
AI-generated content may present inaccurate or offensive content that does not represent bartleby’s views.
steps

Unlock instant AI solutions

Tap the button
to generate a solution

Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education