The Porter Company has a standard cost system. In July the company purchased and used 22,500 grams of direct material at an actual cost of $52,875. The materials price variance was $1,125 favourable and the standard quantity of materials allowed for July production was 21,750 grams. The materials quantity variance was: Select one: none of these $1,800 F $1,725U. e here to search 直。 21) acer F2 F5 F11 F12 Scr Lk

The Porter Company has a standard cost system. In July the company purchased and used 22,500 grams of direct material at an actual cost of $52,875. The materials price variance was $1,125 favourable and the standard quantity of materials allowed for July production was 21,750 grams. The materials quantity variance was: Select one: none of these $1,800 F $1,725U. e here to search 直。 21) acer F2 F5 F11 F12 Scr Lk

Name: The Porter Company has a standard cost system. In July the company pu
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Description: The Porter Company has a standard cost system. In July the company purchased andused 22,500 grams of direct material at an actual cost of $52,875. The materials pricevariance was $1,125 favourable and the standard quantity of materials allowed for J

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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1. The standard and actual prices per pound of raw material are $4.00 and $4.50, respectively. A total of 10,500 pounds of raw material was purchased and then used to produce 5,000 units. The quantity standard allows two pounds of the raw material per unit produced. What was the materials quantity variance? a. $5,000 unfavorable b. $5,000 favorable c. $2,000 favorable d. $2,000 unfavorable 2. Referring to the facts in question 1 above, what was the material price variance? a. $5,250 favorable b. $5,250 unfavorable c. $5,000 unfavorable d. $5,000 favorable
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Parallel Enterprises has collected the following data on one of its products. During the period the company produced 25,000 units. The direct materials quantity variance is: Direct materials standard (7 Kilogram @ $2/Kilogram) Actual cost of materials purchased Actual direct materials purchased and used Multiple Choice $50,000 favorable. $22.500 unfavorable. $27,500 unfavorable. $50,000 unfavorable $22.500 favorable
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A company purchases 48000 pounds of materials. The materials price variance is $12000 favorable. What is the difference between the standard price and the actual price paid for the materials? $1.00 $4.00 $0.25 Cannot be determined from the data provided.
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2 The following company information is available for March. The direct materials price variance is: Direct materials purchased and used Standard costs for direct materials for March production Multiple Choice $9,200 unfavorable. $9,200 favorable. $9,000 favorable. 4,500 feet @ $98 per foot 4,600 feet @ $96 per foot
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