The direct materials price variance is: $21,450 unfavorable. $52,800 unfavorable. $22,890 favorable. $22,890 unfavorable. $21,450 favorable. A) B) 20) The Fins Company produces animated sharks and has collected the following data on one of its products - the Great White Shark. During the period the company produced 25,000 Great White Sharks. The following table shows information about the direct materials needed to produce the Great White Sharks: C) D) E) Direct materials standard (7 pounds @ $1.65/pound) Actual price of materials purchased Actual direct materials purchased and used $11.55 per finished unit $ 1.80 143,000 pounds B) 20) The Fins Company produces animated sharks and has collected the following data on one of its products-the Great White Shark. During the period the company produced 25,000 Great White Sharks. The following table shows information about the direct materials needed to produce the Great White Sharks: The direct materials price variance is: A) $21,450 unfavorable. $52,800 unfavorable. $22,890 favorable. $22,890 unfavorable. $21,450 favorable. C) D) E) Direct materials standard (7 pounds @ $1.65/pound) Actual price of materials purchased Actual direct materials purchased and used $11.55 per finished unit $ 1.80 143,000 pounds
The direct materials price variance is: $21,450 unfavorable. $52,800 unfavorable. $22,890 favorable. $22,890 unfavorable. $21,450 favorable. A) B) 20) The Fins Company produces animated sharks and has collected the following data on one of its products - the Great White Shark. During the period the company produced 25,000 Great White Sharks. The following table shows information about the direct materials needed to produce the Great White Sharks: C) D) E) Direct materials standard (7 pounds @ $1.65/pound) Actual price of materials purchased Actual direct materials purchased and used $11.55 per finished unit $ 1.80 143,000 pounds B) 20) The Fins Company produces animated sharks and has collected the following data on one of its products-the Great White Shark. During the period the company produced 25,000 Great White Sharks. The following table shows information about the direct materials needed to produce the Great White Sharks: The direct materials price variance is: A) $21,450 unfavorable. $52,800 unfavorable. $22,890 favorable. $22,890 unfavorable. $21,450 favorable. C) D) E) Direct materials standard (7 pounds @ $1.65/pound) Actual price of materials purchased Actual direct materials purchased and used $11.55 per finished unit $ 1.80 143,000 pounds
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Variance Analysis
In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance.
Standard Costing
The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.
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Transcribed Image Text:The direct materials price variance is: $21,450 unfavorable. $52,800 unfavorable. $22,890 favorable. $22,890 unfavorable. $21,450
favorable. A) B) 20) The Fins Company produces animated sharks and has collected the following data on one of its products - the Great
White Shark. During the period the company produced 25,000 Great White Sharks. The following table shows information about the direct
materials needed to produce the Great White Sharks: C) D) E) Direct materials standard (7 pounds @ $1.65/pound) Actual price of
materials purchased Actual direct materials purchased and used $11.55 per finished unit $ 1.80 143,000 pounds
B)
The direct materials price variance is:
A)
$21,450 unfavorable.
$52,800 unfavorable.
$22,890 favorable.
$22,890 unfavorable.
$21,450 favorable.
C)
D)
E)
3
20) The Fins Company produces animated sharks and has collected the following data on one of
its products-the Great White Shark. During the period the company produced 25,000 Great
White Sharks. The following table shows information about the direct materials needed to
produce the Great White Sharks:
Direct materials standard (7 pounds @ $1.65/pound)
Actual price of materials purchased
Actual direct materials purchased and used
$11.55 per finished unit
$ 1.80
143,000 pounds
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