FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Empty Company maintains no inventories and has the following data pertaining to one of its direct materials in July:
Standard quantity of direct materials for the units manufactured (SQ) | 31,600 |
---|---|
Direct materials purchases—actual cost | $ 98,000 |
Standard price per unit of direct materials (SP) | $ 3.00 |
Direct material efficiency variance—favorable | $ 6,100 |
All materials purchased during the month were issued to production.
What was the direct materials price variance for July?
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- Question Grant Company's standard materials cost per unit of output is $10.00 (2.00 pounds x $5.00 per pound). During July, the company purchases and uses 2,420 pounds of materials costing $12,826 in making 1,100 units of finished product. Compute the total material variance. O $726 unfavorable O $1,826 favorable O $2,926 unfavorable O $1,826 unfavorablearrow_forwardPlease do not give solution in image format thankuarrow_forwardMC Qu. 8-60 Foxtrot reported... Foxtrot reported $55,000 of income for the year by using absorption costing. The company had no beginning inventory, planned and actual production of 20,000 units, and sales of 18,500 units. Standard variable manufacturing costs were $21 per unit, and total budgeted fixed manufacturing overhead was $170,000. If there were no variances, income under variable costing would be: Multiple Choice $42,250. $55,000. $62,250. $2,250. $102,250.arrow_forward
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