What is the direct materials price variance of this general accounting question? Everstone Furniture Co. developed the following per unitstandards for its product:•Standard: 5 pounds of direct materials at $7 perpound.Last month, 30,000 pounds of direct materials werepurchased for $208,500, and 28,000 pounds were usedin production.What is the direct materials price variance?

Step 1: Definition of Direct Materials Price VarianceDirect Materials Price Variance measures the…

Answered: Everstone Furniture Co. developed the…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter8: Standard Costs And Variances

Section: Chapter Questions

Problem 5PA: Ed Co. manufactures two types of O rings, large and small. Both rings use the same material but...

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Mate corporation standerd wage rate solve this question?
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What is the materials price variance for this general accounting question?
A company developed the following per-unit standards for its product: 2 pounds of direct materials at $10 per pound. Last month, 3500 pounds of direct materials were purchased for $13300. The direct materials price variance for last month was O $13300 favorable. O $21700 favorable. O $21700 unfavorable. O $10850 favorable.
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 and used in production is 50,300 pounds. • The actual purchase price per pound of materials was $2.30. The company produced 13,000 units of finished goods during the period. What is the materials price variance? ● Multiple Choice $15,593 U $15,090 F $15,090 U $15,593 F
o Yealink Company produces a product that requires 5.0 standard pounds per unit. The standard price is $7.50 per pound. If 30,000 units used 72,000 pounds, which were purchased at $8.00 per pound, what is the direct materials (A) price variance, (B) quantity variance, and (C) cost variance?
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