Quantile Corporation has the following standards for its direct materials: Standard Cost: $3.80 per pound Standard Quantity: 6.00 pounds per product During the most recent month, the company purchased and used 33,900 pounds of material in manufacturing 5,600 products, at a total cost of $131,900. Compute the materials quantity variance.

Quantile Corporation has the following standards for its direct materials: Standard Cost: $3.80 per pound Standard Quantity: 6.00 pounds per product During the most recent month, the company purchased and used 33,900 pounds of material in manufacturing 5,600 products, at a total cost of $131,900. Compute the materials quantity variance.

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter8: Standard Cost Accounting—materials, Labor, And Factory Overhead

Section: Chapter Questions

Problem 8P: Carlo Lee Corp. has established the following standard cost per unit: Although 10,000 units were...

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At the beginning of the year, Lopez Company had the following standard cost sheet for one of its chemical products: Lopez computes its overhead rates using practical volume, which is 80,000 units. The actual results for the year are as follows: (a) Units produced: 79,600; (b) Direct labor: 158,900 hours at 18.10; (c) FOH: 831,000; and (d) VOH: 112,400. Required: 1. Compute the variable overhead spending and efficiency variances. 2. Compute the fixed overhead spending and volume variances.
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