DM variances Bell Inc. manufactures a product that requires five pounds of material. The purchasing agent has an opportunity to purchase the necessary material at a vendor's bankruptcy sale at $1.40 per pound rather than the standard cost of $2.10 per pound. The purchasing agent purchases 200,000 pounds of material on May 31. During the next four months, the company's production and material usage was as follows: June July August September Production Quantity Used 6,000 32,800 pounds 6,800 35,280 pounds 5,800 29,900 pounds 5,000 26,200 pounds Note: Round all of your final answers below to the nearest whole dollar. a. What is the material price variance for this purchase? Note: Do not use a negative sign with your answer. Material price variance $ b. What is the material quantity variance for each month for this material? Note: Do not use a negative sign with your answers. June material quantity variance July material quantity variance August material quantity variance September material quantity variance $ ◆ ◆ ◆

DM variances Bell Inc. manufactures a product that requires five pounds of material. The purchasing agent has an opportunity to purchase the necessary material at a vendor's bankruptcy sale at $1.40 per pound rather than the standard cost of $2.10 per pound. The purchasing agent purchases 200,000 pounds of material on May 31. During the next four months, the company's production and material usage was as follows: June July August September Production Quantity Used 6,000 32,800 pounds 6,800 35,280 pounds 5,800 29,900 pounds 5,000 26,200 pounds Note: Round all of your final answers below to the nearest whole dollar. a. What is the material price variance for this purchase? Note: Do not use a negative sign with your answer. Material price variance $ b. What is the material quantity variance for each month for this material? Note: Do not use a negative sign with your answers. June material quantity variance July material quantity variance August material quantity variance September material quantity variance $ ◆ ◆ ◆

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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