FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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The following information summarizes the standard cost for producing one metal tennis racket frame at Spaulding Industries. In addition, the variances for one month's production are given. Assume that all inventory accounts have zero balances at the beginning of the month.

  Standard Cost Per Unit   Standard Monthly Costs
Materials $ 9.00     $ 18,000  
Direct Labor 2 hrs. @ $3.00   4.00       8,000  
Factory Overhead:              
Variable   2.00       3,840  
Fixed   5.00       13,200  
  $ 20.00     $ 40.000  
 
       
Variances:      
Material price 238.00   unfavorable
Material quantity 900.00   unfavorable
Labor rate 700.00   favorable
Labor efficiency 2,950.00   unfavorable
 

What was the actual price paid for the direct materials during the month. assuming all materials purchased were put into production?

9.43

9.11

9.57

9.00

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