FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Steinberg Company had the following direct materials costs for the manufacturing of product T in March:
Actual purchase price per pound of direct materials
Standard direct materials allowed for units of product T produced
Decrease in direct materials inventory
Direct materials used in production
Standard price per pound of material
$ 8.90
3,500 po
240 po
3,700 po
$ 8.65
Required:
1. What was Steinberg's direct materials purchase-price variance and its direct materials usage variance for
March? Indicate whether each variance was favorable (F) or unfavorable (U).
2. Prepare the appropriate journal entries for March.
Complete this question by entering your answers in the tabs below.
Complete this question by entering your answers in the tabs below.
Required 1
Required 2
What was Steinberg's direct materials purchase-price variance and its direct materials usage variance for March? Indicate whethe
variance was favorable (F) or unfavorable (U). (Do not round intermediate calculations. Round your answers to the nearest whole
Direct materials purchase-price variance
Direct materials usage variance
< Required 1
Required 2 >
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Transcribed Image Text:Steinberg Company had the following direct materials costs for the manufacturing of product T in March: Actual purchase price per pound of direct materials Standard direct materials allowed for units of product T produced Decrease in direct materials inventory Direct materials used in production Standard price per pound of material $ 8.90 3,500 po 240 po 3,700 po $ 8.65 Required: 1. What was Steinberg's direct materials purchase-price variance and its direct materials usage variance for March? Indicate whether each variance was favorable (F) or unfavorable (U). 2. Prepare the appropriate journal entries for March. Complete this question by entering your answers in the tabs below. Complete this question by entering your answers in the tabs below. Required 1 Required 2 What was Steinberg's direct materials purchase-price variance and its direct materials usage variance for March? Indicate whethe variance was favorable (F) or unfavorable (U). (Do not round intermediate calculations. Round your answers to the nearest whole Direct materials purchase-price variance Direct materials usage variance < Required 1 Required 2 >
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