Fischer Fabrication reported the following information concerning its direct materials: Direct materials purchased (actual) Standard cost of materials purchased Standard price times actual amount of materials used Actual production Standard direct materials costs per unit produced Required: Compute the direct materials cost variances. $ 366,200 $ 353,000 $325,000 55,200 units $ 6 Note: Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option. Answer is complete but not entirely correct. Direct Materials Price variance $ OXU Efficiency variance $ 271,303 F Total direct materials cost variance $ 271,303 x U

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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Fischer Fabrication reported the following information concerning its direct materials:
Direct materials purchased (actual)
Standard cost of materials purchased
Standard price times actual amount of materials used
Actual production
Standard direct materials costs per unit produced
Required:
Compute the direct materials cost variances.
$ 366,200
$ 353,000
$325,000
55,200 units
$ 6
Note: Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select
either option.
Answer is complete but not entirely correct.
Direct Materials
Price variance
$
OXU
Efficiency variance
$
271,303 F
Total direct materials cost variance
$
271,303 x U
Transcribed Image Text:Fischer Fabrication reported the following information concerning its direct materials: Direct materials purchased (actual) Standard cost of materials purchased Standard price times actual amount of materials used Actual production Standard direct materials costs per unit produced Required: Compute the direct materials cost variances. $ 366,200 $ 353,000 $325,000 55,200 units $ 6 Note: Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option. Answer is complete but not entirely correct. Direct Materials Price variance $ OXU Efficiency variance $ 271,303 F Total direct materials cost variance $ 271,303 x U
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