Bear Mountain Sporting Goods has thefollowing actual and standard costs forproducing a specified quantity ofcamping kits:Actual:Standard:51,000poundsat$5.05 =50,000poundsat$5.00=$257,550$250,000Determine the Direct Materials (DM)Price Variance and DM EfficiencyVariance for the camping kits for BearMountain Sporting Goods?

Name: Bear Mountain Sporting Goods has thefollowing actual and standard cos
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Description: Bear Mountain Sporting Goods has thefollowing actual and standard costs forproducing a specified quantity ofcamping kits:Actual:Standard:51,000poundsat$5.05 =50,000poundsat$5.00=$257,550$250,000Determine the Direct Materials (DM)Price Variance and D

Direct material Price variance is the difference between standard material costs resulting from…

Answered: Determine the Direct Materials (DM)…

Business

Accounting

Determine the Direct Materials (DM) Price Variance and DM Efficiency Variance for the camping kits for Bear Mountain Sporting Goods?

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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Which one of the following best describes the direct material price variance? O a. The difference between the standard quantity of material used at the standard cost per unit and the actual quantity of material used at the standard direct material cost per unit O b. The difference between the budgeted material cost and direct material cost according to the unflexed budget O c. The difference between the actual direct material cost and direct material cost according to the flexed budget O d. The difference between the actual cost of the material used and the actual quantity of material used at the standard direct material cost per unit O e. The difference between the actual cost of the material used and the standard quantity of material used at the actual direct material cost per unit
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a. Direct materials price variance Unfavorable b. Direct materials quantity variance Favorable c. Direct materials cost variance Unfavorable
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The materials cost variance report for Nickols Inc. indicates a large favorable materials price variance and a significant unfavorable materials quantity variance. What might have caused these offsetting variances?
The standard price for direct materials is used in the calculation of which variances ? Neither the price variance nor the quantity variance The quantity variance but not the price variance Both the price variance and the quantity variance The price variance but not the quantity variance
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