A company reports the following for one of its products.Direct materials standard (3 pounds @ $3 per pound)Actual direct materials used (AQ)Actual units producedActual cost of direct materials usedAQ Actual QuantitySQ = Standard QuantityAQAP Actual PriceSP Standard PriceCompute the direct materials price and quantity variances and identify each as favorable or unfavorable.Actual CostAP0$0$AQ0$ 9 per unit250,000 pounds60,000 unitsX$ 687,500SP$0SQStandard CostxSP

Name: A company reports the following for one of its products.Direct materi
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Description: A company reports the following for one of its products.Direct materials standard (3 pounds @ $3 per pound)Actual direct materials used (AQ)Actual units producedActual cost of direct materials usedAQ Actual QuantitySQ = Standard QuantityAQAP Actual

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llowing its products. Direct materials standard (3 pounds @ $3 per pound) Actual direct materials used (AQ) Actual units produced Actual cost of direct materials used AQ AQ-Actual Quantity SQ Standard Quantity AP Actual Price SP- Standard Price Compute the direct materials price and quantity variances and identify each as favorable or unfavorable. Actual Cost X AP 0 $ 0 AQ $9 per unit 250,000 pounds 60,000 units M $ 687,500 SP $ SQ Standard Cost N SP

llowing its products. Direct materials standard (3 pounds @ $3 per pound) Actual direct materials used (AQ) Actual units produced Actual cost of direct materials used AQ AQ-Actual Quantity SQ Standard Quantity AP Actual Price SP- Standard Price Compute the direct materials price and quantity variances and identify each as favorable or unfavorable. Actual Cost X AP 0 $ 0 AQ $9 per unit 250,000 pounds 60,000 units M $ 687,500 SP $ SQ Standard Cost N SP

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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