Actual quantity of direct materials purchased and used 30,000 Ibs. P84,000 3,000 Actual cost of direct materials Unfavorable direct materials usage variance Standard quantity of direct materials allowed for May production the month of May, what was Sherina's direct materials price variance? 2,800 favorable ,800 unfavorable 29,000 lbs. c. P6,000 unfavorable d. 6,000 favorable

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question

Subject: Cost Accounting

22. Information on Sherina Co.'s direct material cost for May is as follows:
30,000 lbs.
P84,000
3,000
Actual quantity of direct materials purchased and used
Actual cost of direct materials
Unfavorable direct materials usage variance
Standard quantity of direct materials allowed for May
production
29,000 lbs.
For the month of May, what was Sherina's direct materials price variance?
a. P2,800 favorable
b. 2,800 unfavorable
c. P6,000 unfavorable
d. 6,000 favorable
Transcribed Image Text:22. Information on Sherina Co.'s direct material cost for May is as follows: 30,000 lbs. P84,000 3,000 Actual quantity of direct materials purchased and used Actual cost of direct materials Unfavorable direct materials usage variance Standard quantity of direct materials allowed for May production 29,000 lbs. For the month of May, what was Sherina's direct materials price variance? a. P2,800 favorable b. 2,800 unfavorable c. P6,000 unfavorable d. 6,000 favorable
Expert Solution
steps

Step by step

Solved in 3 steps with 3 images

Blurred answer
Knowledge Booster
Cost control
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education