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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8. Company S purchased 1,000 units raw materials amounting to $5,000 and used $4,500 worth for the production during the current month. The standard price for these raw materials is $5.2 per unit. How much is the materials price variance for the current month if Company S analyzes the variance at the point of purchase? $200 favorable O $200 unfavorable O $700 favorable $700 unfavorable
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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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Show the solution in good accounting form Compute for the materials variance MARICOL Company uses a standard costing system in connection with the manufacture of their product "X". Each unit of finished product contains 2 yards of a direct material. However, a 20% direct material spoilage calculated on input quantities occurs during the manufacturing process. The standard cost of the direct material is P3 per yard. For the month, the company purchased 100,000 yards of the direct material for P350,000 and used 90,000 yards to produce 40,000 units of Material X.
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