A company has determined that the standard for materials is 10 square feet at $4 per square foot. If a process produces 2000 units and uses 18 square feet per unit at $5 per square foot, then what is the materials quantity variance? Select one a $ 64,000 unfavorable b) $64, 000 favorable c) $18,000 unfavorable d) $ 18,000 favorable

A company has determined that the standard for materials is 10 square feet at $4 per square foot. If a process produces 2000 units and uses 18 square feet per unit at $5 per square foot, then what is the materials quantity variance? Select one a $ 64,000 unfavorable b) $64, 000 favorable c) $18,000 unfavorable d) $ 18,000 favorable

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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A company developed the following per-unit standards for its product: 2 pounds of direct materials at $10 per pound. Last month, 3500 pounds of direct materials were purchased for $13300. The direct materials price variance for last month was O $13300 favorable. O $21700 favorable. O $21700 unfavorable. O $10850 favorable.
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Can you show me how this is done? How do I know if it is favorable or unfavorable? Bailey’s standard labor cost of producing one unit of Product DD is 1.8 hours at a rate of $10.1 per hour. During August, 2,515 hours were incurred at a cost of $12.9 per hour to produce 1,087 units of Product DD. Bailey’s direct labor efficiency variance is $__________ Indicate the amount and whether it is Favorable or Unfavorable by placing F or U by amount, do not skip a space and do not use $ in your answer. For example, if your answer is $1,000 favorable, answer 1000F Selected Answer: -5,639.84U Correct Answer: 5,640 ± 1 (U)
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