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 was 53,000 pounds, whereas the quantity of materials used in production was 50,000 pounds. The actual purchase price per pound of materials was $2.25. The company produced 13,000 units of finished goods during the period. What is the materials quantity variance?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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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 was 53,000 pounds, whereas the
quantity of materials used in production was
50,000 pounds. The actual purchase price per
pound of materials was $2.25. The company
produced 13,000 units of finished goods
during the period. What is the materials
quantity variance?
Transcribed Image Text: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 was 53,000 pounds, whereas the quantity of materials used in production was 50,000 pounds. The actual purchase price per pound of materials was $2.25. The company produced 13,000 units of finished goods during the period. What is the materials quantity variance?
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