The following materials standards have been established for a particular product: Standard quantity per unit of output Standard price 5.1 meters $17.90 per meter The following data pertain to operations concerning the product for the last month: Actual materials purchased Actual cost of materials purchased Actual materials used in production Actual output 7,700 meters $142,450 7,300 meters 1,400 units What is the materials price variance for the month?

The following materials standards have been established for a particular product: Standard quantity per unit of output Standard price 5.1 meters $17.90 per meter The following data pertain to operations concerning the product for the last month: Actual materials purchased Actual cost of materials purchased Actual materials used in production Actual output 7,700 meters $142,450 7,300 meters 1,400 units What is the materials price variance for the month?

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Description: The following materials standards have been established for a particular product:Standard quantity per unit of outputStandard price5.1 meters$17.90 per meterThe following data pertain to operations concerning the product for the last month:Actual ma

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter8: Standard Costs And Variances

Section: Chapter Questions

Problem 9PA: Power Co.s labor information for June is as follows: A. What was the actual labor rate per hour? B....

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Standard direct materials cost per unit from variance data The following data relating to direct materials cost for October of the current year are taken from the records of Good Clean Fun Inc., a manufacturer of organic toys: Determine the standard direct materials cost per unit of finished product, assuming that there was no inventory of work in process at either the beginning or the end of the month.
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Georgia Gasket Co. budgets 8,000 direct labor hours for the year. The total overhead budget is expected to amount to 20,000. The standard cost for a unit of the companys product estimates the variable overhead as follows: The actual data for the period follow: Using the four-variance method, calculate the overhead variances. (Hint: First compute the budgeted fixed overhead rate.)
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