Assume the following: • The standard price per pound is $2.00. •. The standard quantity of pounds allowed per unit of finished goods is 4 pounds. The actual quantity of materials purchased and used in production is 50,300 pounds. • The actual purchase price per pound of materials was $2.30. • The company produced 13,000 units of finished goods during the period. What is the materials price variance? Multiple Choice $15,593 U $15,090 F $15,090 U $15,593 F

Assume the following: • The standard price per pound is $2.00. •. The standard quantity of pounds allowed per unit of finished goods is 4 pounds. The actual quantity of materials purchased and used in production is 50,300 pounds. • The actual purchase price per pound of materials was $2.30. • The company produced 13,000 units of finished goods during the period. What is the materials price variance? Multiple Choice $15,593 U $15,090 F $15,090 U $15,593 F

Name: Assume the following:. The standard price per pound is $2.00.The stan
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Description: Assume the following:. The standard price per pound is $2.00.The standard quantity of pounds allowed per unit of finished goods is 4 pounds.·• The actual quantity of materials purchased and used in production is 50,300 pounds.• The actual purchase p

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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Subm The standards for product V28 call for 8.0 pounds of a raw material that costs $18.80 per pound. Last month, 1,900 pounds of the raw material were purchased for $35,340. The actual output of the month was 210 units of product V28. A total of 1,800 pounds of the raw material were used to produce this output. The direct materials purchases variance is computed when the materials are purchased. Required: a. What is the materials price variance for the month? b. What is the materials quantity variance for the month? Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values. a. Materials price variance b. Materials quantity variance
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