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Consider the following data for a manufacturing company. Direct Direct Materials Labor Standard inputs allowed for actual output standard prices * $59,000 $95,000 Costs incurred $58,000 $100,000 Actual Inputs standard prices $61,000 $98,000 Compute the spending variance for materials. a. $3,000 favorable b. $3,000 unfavorable c. $5,000 unfavorable d. $5,000 favorable e. $2,000 unfavorable f. $2,000 favorable

Consider the following data for a manufacturing company. Direct Direct Materials Labor Standard inputs allowed for actual output standard prices * $59,000 $95,000 Costs incurred $58,000 $100,000 Actual Inputs standard prices $61,000 $98,000 Compute the spending variance for materials. a. $3,000 favorable b. $3,000 unfavorable c. $5,000 unfavorable d. $5,000 favorable e. $2,000 unfavorable f. $2,000 favorable

FINANCIAL ACCOUNTING
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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Consider the following data for a manufacturing company. Direct Direct Materials Labor Standard inputs allowed for actual output standard prices * $59,000 $95,000 Costs incurred $58,000 $100,000 Actual Inputs standard prices $61,000 $98,000 Compute the spending variance for materials. a. $3,000 favorable b. $3,000 unfavorable c. $5,000 unfavorable d. $5,000 favorable e. $2,000 unfavorable f. $2,000 favorable
Transcribed Image Text:Consider the following data for a manufacturing company. Direct Direct Materials Labor Standard inputs allowed for actual output standard prices * $59,000 $95,000 Costs incurred $58,000 $100,000 Actual Inputs standard prices $61,000 $98,000 Compute the spending variance for materials. a. $3,000 favorable b. $3,000 unfavorable c. $5,000 unfavorable d. $5,000 favorable e. $2,000 unfavorable f. $2,000 favorable
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