Direct Materials Variances Bellingham Cormpany produces a product that requires 11 standard pounds per unit. The standard price is $11.5 per pound. If 2,300 units used 26,100 pounds, which were purchased at $11.04 per pound, what is the direct materials (a) price variance, (b) quantity variance, and (c) cost variance? Enter a favorable variance as a negative number using minus sign and an unfavorable variance as a positive number. a. Direct materials price variance b. Direct materials quantity variance C. Direct materials cost variance

Direct Materials Variances Bellingham Cormpany produces a product that requires 11 standard pounds per unit. The standard price is $11.5 per pound. If 2,300 units used 26,100 pounds, which were purchased at $11.04 per pound, what is the direct materials (a) price variance, (b) quantity variance, and (c) cost variance? Enter a favorable variance as a negative number using minus sign and an unfavorable variance as a positive number. a. Direct materials price variance b. Direct materials quantity variance C. Direct materials cost variance

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Description: Direct Materials VariancesBellingham Company produces a product that requires 11 standard pounds per unit. The standard price is $11.5 per pound. If 2,300 units used 26,100 pounds, which were purchased at $11.04 per pound, what is the directmaterial

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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Question Content Area Direct Materials Variances The following data relate to the direct materials cost for the production of automobile tires: Actual: 900,000 lbs. at $2.75 per lb.Standard: 916,000 lbs. at $2.70 per lb. a. Determine the direct materials price variance, direct materials quantity variance, and total direct materials cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Line Item Description Amount Variance Direct Materials Price Variance $fill in the blank 1 Direct Materials Quantity Variance $fill in the blank 3 Total Direct Materials Cost Variance $fill in the blank 5
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