nkt A company reports the following for one of its products.Direct materials standard (4 pounds @ $3 per pound)Actual direct materials used (AQ)Actual units producedActual cost of direct materials used$ 12 per unit350,000 pounds70,000 units$910,000AQActual Quantity=SQ Standard Quantity=AP Actual PriceSP Standard Price=Compute the direct materials price and quantity variances and identify each as favorable or unfavorable.AQ350,000Actual Cost×APEA0×APAQ350,000×$00EA0Standard CostSQ×SPSP$ 3.00

Computation of direct material price, quantity, and total variance by using the following…

Answered: A company reports the following for one…

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 reports the following for one of its products. Direct materials standard (4 pounds @ $2 per pound) Actual direct materials used (AQ) Actual units produced Actual cost of direct materials used AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price Actual Cost Compute the direct materials price and quantity variances and identify each as favorable or unfavorable. X X X $ 8 per unit 340,000 pounds 72,000 units X $ 612,000 Standard Cost X X
A company reports the following for one of its products. Direct materials standard (3 pounds @ $2 per pound) Actual direct materials used (AQ) Actual units produced Actual cost of direct materials used $ 6 per unit 280,000 pounds 72,000 units $ 476,000 AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price Compute the direct materials price and quantity variances and identify each as favorable or unfavorable. Actual Cost Standard Cost
A company reports the following for one of its products. Direct materials standard (4 pounds @ $3 per pound) Actual direct materials used (AQ) Actual units produced Actual cost of direct materials used $12 per unit 330,000 pounds 64,000 units Actual Cost $ 924,000 AQ - Actual Quantity SQ - Standard Quantity = AP = Actual Price SP Standard Price Compute the direct materials price and quantity variances and Identify each as favorable or unfavorable. Standard Cost
A company reports the following for one of its products. Direct materials standard (4 pounds @ $3 per pound) Actual direct materials used (AQ) Actual units produced Actual cost of direct materials used i $. 12 per unit 350,000 pounds 70,000 units Actual Cost $ 910,000 AQ=Actual Quantity SQ=Standard Quantity AP Actual Price SP = Standard Price Compute the direct materials price and quantity variances and identify each as favorable or unfavorable. Standard Cost
A company reports the following for one of its products. Direct materials standard (4 pounds @ $3 per pound) $ 12 per unit Actual direct materials used (AQ) 330,000 pounds Actual units produced 68,000 units Actual cost of direct materials used $ 907,500 AQ = Actual QuantitySQ = Standard QuantityAP = Actual PriceSP = Standard PriceCompute the direct materials price and quantity variances and identify each as favorable or unfavorable.
A company reports the following for one of its products. Direct materials standard (3 pounds @ $2 per pound) Actual direct materials used (AQ) Actual units produced Actual cost of direct materials used AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price Actual Cost $6 per unit X 260,000 pounds 70,000 units Compute the direct materials price and quantity variances and identify each as favorable or unfavorable. $ 455,000 Standard Cost
A company reports the following for one of its products. Direct materials standard (4 pounds @ $2 per pound) $ 8 per unit Actual direct materials used (AQ) 320,000 pounds Actual units produced 63,000 units Actual cost of direct materials used $ 576,000 AQ = Actual QuantitySQ = Standard QuantityAP = Actual PriceSP = Standard PriceCompute the direct materials price and quantity variances and identify each as favorable or unfavorable.
Sunny Corporation has collected the following data for one of its products: Direct materials standard (3 pounds per unit @ $0.40/lb.) Actual direct materials purchased Actual Direct Materials Used (AQU) Actual Price (AP) paid per pound How much is the direct materials price variance? O A. $1,610 unfavorable B. $2,240 favorable C. $1,610 favorable O D. $2,240 unfavorable $1.20 per finished good 32,000 pounds 23,000 pounds $0.47
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