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A manufactured product has the following information for June. Standard Actual Direct materials Direct labor 6 lbs. e $8 per lb. 3 hrs. @ $15 per hr. 3 hrs. @ $12 per hr. 48,000 lbs. @ $8.20 per lb. 23,400 hrs. @ $15.40 per hr. $289,700 7,900 Overhead Units manufactured Compute the direct materials price variance and the direct materials quantity variance. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance. Round "Cost per unit" answers to 2 decimal places.) AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price Actual Cost Standard Cost AQ AP AQ SP SQ X SP 48,000 $ 8.20 48,000 $ 8.00 47,400 2$ 8.00 $ 393,600 $ 384,000 $ 379,200 $ 9,600 2$ 4,800

A manufactured product has the following information for June. Standard Actual Direct materials Direct labor 6 lbs. e $8 per lb. 3 hrs. @ $15 per hr. 3 hrs. @ $12 per hr. 48,000 lbs. @ $8.20 per lb. 23,400 hrs. @ $15.40 per hr. $289,700 7,900 Overhead Units manufactured Compute the direct materials price variance and the direct materials quantity variance. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance. Round "Cost per unit" answers to 2 decimal places.) AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price Actual Cost Standard Cost AQ AP AQ SP SQ X SP 48,000 $ 8.20 48,000 $ 8.00 47,400 2$ 8.00 $ 393,600 $ 384,000 $ 379,200 $ 9,600 2$ 4,800

FINANCIAL ACCOUNTING
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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Compute the direct materials price variance and the direct materials quantity variance. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance. Round "Cost per unit" answers to 2 decimal places.) AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price Actual Cost Standard Cost AQ AP AQ SP SQ SP 48,000 2$ 8.20 48,000 $ 47,400 8.00 2$ 8.00 $ 393,600 $ 384,000 $ 379,200 $ 9,600 $ 4,800 Direct materials price variance $ 9,600 Unfavorable Direct materials quantity variance 4,800 Unfavorable Total direct materials variance $ 96,000 Unfavorable
Transcribed Image Text:Compute the direct materials price variance and the direct materials quantity variance. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance. Round "Cost per unit" answers to 2 decimal places.) AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price Actual Cost Standard Cost AQ AP AQ SP SQ SP 48,000 2$ 8.20 48,000 $ 47,400 8.00 2$ 8.00 $ 393,600 $ 384,000 $ 379,200 $ 9,600 $ 4,800 Direct materials price variance $ 9,600 Unfavorable Direct materials quantity variance 4,800 Unfavorable Total direct materials variance $ 96,000 Unfavorable
A manufactured product has the following information for June. Standard Actual Direct materials 6 lbs. @ $8 per lb. 3 hrs. @ $15 per hr. 3 hrs. @ $12 per hr. 48,000 lbs. @ $8.20 per lb. 23,400 hrs. @ $15.40 per hr. $289,700 Direct labor Overhead Units manufactured 7,900 Compute the direct materials price variance and the direct materials quantity variance. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance. Round "Cost per unit" answers to 2 decimal places.) AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price %3D %3D %3D SP = Standard Price Actual Cost Standard Cost AQ AP AQ SP SQ SP 48,000 2$ 8.20 48,000 2$ 8.00 47,400 $ 8.00 $ 393,600 $ 384,000 $ 379,200 $ 9,600 $ 4,800
Transcribed Image Text:A manufactured product has the following information for June. Standard Actual Direct materials 6 lbs. @ $8 per lb. 3 hrs. @ $15 per hr. 3 hrs. @ $12 per hr. 48,000 lbs. @ $8.20 per lb. 23,400 hrs. @ $15.40 per hr. $289,700 Direct labor Overhead Units manufactured 7,900 Compute the direct materials price variance and the direct materials quantity variance. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance. Round "Cost per unit" answers to 2 decimal places.) AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price %3D %3D %3D SP = Standard Price Actual Cost Standard Cost AQ AP AQ SP SQ SP 48,000 2$ 8.20 48,000 2$ 8.00 47,400 $ 8.00 $ 393,600 $ 384,000 $ 379,200 $ 9,600 $ 4,800
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