FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Young Inc. produces plastic bottles. Production of 16-ounce bottles has a standard unit
quantity of 0.45 ounce of plastic per bottle. During the month of June, 240,000 bottles
were produced using 110,000 ounces of plastic. The actual cost of plastic was $0.042 per
ounce, and the standard price was $0.045 per ounce. There is no beginning or ending inventories of plastic.

Refer to the information for Young Inc. above.
Required:
Calculate the materials price and usage variances using the columnar and formula approaches.
Use the following information to complete Brief Exercises 10-36 and 10-37:
Ambient Inc. produces aluminum cans. Each can has a standard labor requirement of 0.03
hour. During the month of May, 500,000 cans were produced using 14,000 labor hours @
$15.00. The standard wage rate is $14.50 per hour.

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