The following materials standards have been established for a particular product:- **Standard quantity per unit of output:** 5.4 pounds- **Standard price:** $14.20 per poundThe following data pertain to operations concerning the product for the last month:- **Actual materials purchased:** 6,300 pounds- **Actual cost of materials purchased:** $63,880- **Actual materials used in production:** 5,800 pounds- **Actual output:** 800 unitsThe direct materials purchases variance is computed when the materials are purchased. **Question:** What is the materials quantity variance for the month?**Multiple Choice:**- $5,070 U- $15,007 U- $21,016 U- $7,100 U

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Description: The following materials standards have been established for a particular product:- **Standard quantity per unit of output:** 5.4 pounds- **Standard price:** $14.20 per poundThe following data pertain to operations concerning the product for the last

Given that standard price : $ 14.20 standard quantity per unit of output : 5.4 pounds Actual materials used in production : 5800 pounds Materials quantity variance : Material quantity variance = [ Actual quantity used - Standard quantity] * standard price . = [5800 - (800*5.4)] * 14.20 = 1480*14.20 Material quantity variance = $21016(U) working: standard quantity : Actual output * standard quantity per unit of output : 800 units * 5.4 standard quantity : 4320

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The following materials standards have been established for a particular product: Standard quantity per unit of output 5.4 pounds Standard price $14.20 per pound The following data pertain to operations concerning the product for the last month: 6,300 pounds Actual materials purchased Actual cost of materials $63,880 purchased Actual materials used in 5,800 pounds production Actual output 800 units The direct materials purchases variance is computed when the materials are purchased. What is the materials quantity variance for the month? Multiple Choice • $5,070 U $15,007 U $21,016 U $7,100 U

The following materials standards have been established for a particular product: Standard quantity per unit of output 5.4 pounds Standard price $14.20 per pound The following data pertain to operations concerning the product for the last month: 6,300 pounds Actual materials purchased Actual cost of materials $63,880 purchased Actual materials used in 5,800 pounds production Actual output 800 units The direct materials purchases variance is computed when the materials are purchased. What is the materials quantity variance for the month? Multiple Choice • $5,070 U $15,007 U $21,016 U $7,100 U

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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