FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Information concerning Johnston
Company's direct materials costs is as
follows: Standard price per pound $7.95
Actual quantity purchased 3,410 pounds
Actual quantity used in production 3,310
pounds Units of product manufactured 850
Materials purchase-price variance-
favorable $ 1,005 Budget data for the
period: Units to manufacture 1,150 Units of
direct materials 4,600 pounds The actual
purchase price per pound of direct
materials was:
$7.62.
$7.66.
$7.99.
$8.24.
$8.62.
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Transcribed Image Text:Information concerning Johnston Company's direct materials costs is as follows: Standard price per pound $7.95 Actual quantity purchased 3,410 pounds Actual quantity used in production 3,310 pounds Units of product manufactured 850 Materials purchase-price variance- favorable $ 1,005 Budget data for the period: Units to manufacture 1,150 Units of direct materials 4,600 pounds The actual purchase price per pound of direct materials was: $7.62. $7.66. $7.99. $8.24. $8.62.
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