Webb Corporation has a standard costing system. The following data are available for October: Actual quantity of direct materials 20,984 pounds purchased Standard price of direct materials $ 3.00 Material price variance Material quantity variance The actual price per pound of direct materials purchased in October was (two decimal places X.XX) $3,582.66 $ 4,000 per pound Unfavorable Favorable

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Webb Corporation has a standard costing system. The following data are available for October:
Actual quantity of direct materials
20,984
pounds
purchased
Standard price of direct materials $ 3.00
Material price variance
Material quantity variance
The actual price per pound of direct materials purchased in October was (two decimal places X.XX)
$3,582.66
$ 4,000
per pound
Unfavorable
Favorable
Transcribed Image Text:Webb Corporation has a standard costing system. The following data are available for October: Actual quantity of direct materials 20,984 pounds purchased Standard price of direct materials $ 3.00 Material price variance Material quantity variance The actual price per pound of direct materials purchased in October was (two decimal places X.XX) $3,582.66 $ 4,000 per pound Unfavorable Favorable
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