Ivanhoe Company purchased (at a cost of $14,960) and used 2,200 pounds of materials during May. Ivanhoe's standard cost of materials per unit produced is based on 2 pounds per unit at a cost $7.00 per pound. Production in May was 1,020 units. (a) Compute the total, price, and quantity variances for materials. Total Materials Variance $ Materials Price Variance $ Materials Quantity Variance $ < <

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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Ivanhoe Company purchased (at a cost of $14,960) and used 2,200 pounds of materials during May. Ivanhoe's standard cost of
materials per unit produced is based on 2 pounds per unit at a cost $7.00 per pound. Production in May was 1,020 units.
(a)
Compute the total, price, and quantity variances for materials.
Total Materials Variance
$
Materials Price Variance
$
Materials Quantity Variance
$
<
<
Transcribed Image Text:Ivanhoe Company purchased (at a cost of $14,960) and used 2,200 pounds of materials during May. Ivanhoe's standard cost of materials per unit produced is based on 2 pounds per unit at a cost $7.00 per pound. Production in May was 1,020 units. (a) Compute the total, price, and quantity variances for materials. Total Materials Variance $ Materials Price Variance $ Materials Quantity Variance $ < <
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