0:29:44 The following materials standards have been established for a particular product: Standard quantity per unit of output Standard price 5.2 meters $18.00 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 What is the materials price variance for the month? 8,100 meters $151,065 7,700 meters 1,450 units

0:29:44 The following materials standards have been established for a particular product: Standard quantity per unit of output Standard price 5.2 meters $18.00 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 What is the materials price variance for the month? 8,100 meters $151,065 7,700 meters 1,450 units

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Concept explainers

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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Question

0:29:44
The following materials standards have been established for a particular product:
Standard quantity per unit of output
Standard price
5.2 meters
$18.00 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
What is the materials price variance for the month?
8,100 meters
$151,065
7,700 meters
1,450 units

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Question Content Area Myers Corporation has the following data related to direct materials costs for November: actual cost for 4, 690 pounds of material at $5.30 and standard cost for 4, 410 pounds of material at $6.30 per pound. The direct materials price variance is a. $1,764 favorable b. $4,690 favorable c. $1,764 unfavorable d. $4,690 unfavorable
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Current Attempt in Progress Blossom Company's standard labor cost of producing one unit of Product DD is 3.40 hours at the rate of $10.50 per hour. During August, 42,900 hours of labor are incurred at a cost of $10.70 per hour to produce 12,400 units of Product DD. (a) Compute the total labor variance. Total labor variance $ (b) Compute the labor price and quantity variances. Labor price variance Labor quantity variance $ (c) $ Labor price variance 16350 Compute the labor price and quantity variances, assuming the standard is 3.6 hours of direct labor at $10.85 per hour. $ Labor quantity variance $ Unfavorable
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