FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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In reviewing activity for July, the controller of Mathis, Inc., collected the following data concerning direct materials.
Actual production | 103,600 | units | |
Direct materials purchased (actual) | $ | 1,644,000 | |
1,557,000 | |||
Standard direct materials costs per unit produced | 14.20 | ||
Standard price times actual amount of materials used | 1,408,950 | ||
Required:
Compute the direct materials cost variances. (Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option.)
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