Sheffield Company's standard materials cost per unit of output is $8.20 (2.00 pounds x $4.10).During July, the company purchases and uses 2,700 pounds of materials costing $14,580 inmaking 1,500 units of finished product.Compute the total, price, and quantity materials variances. (Round per unit values to 2decimal places, e.g. 52.75 and final answers to 0 decimal places, e.g. 52.)Total materials variance$Materials price varianceMaterials quantity variance$%24%24

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Description: Sheffield Company's standard materials cost per unit of output is $8.20 (2.00 pounds x $4.10).During July, the company purchases and uses 2,700 pounds of materials costing $14,580 inmaking 1,500 units of finished product.Compute the total, price, an

Total materials variance $4,740 Unfavourable Materials price variance $3,510 Unfavourable…

Answered: Compute the total, price, and quantity…

Business

Accounting

Compute the total, price, and quantity materials variances. (Round per unit values to 2 decimal places, e.g. 52.75 and final answers to 0 decimal places, e.g. 52.)

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter8: Standard Costs And Variances

Section: Chapter Questions

Problem 5EA: Sitka Industries uses a cost system that carries direct materials inventory at a standard cost. The...

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