For FISH Company, actual materials cost was $24,800. Standard price for materials was $5.00 per pound and standard quantity was two pounds per [good] output unit For August, actual pounds purchased AND used were 5100 pounds and 2500 [good output units were produced in August. For each of the following three questions, indicate two things: amount of variance and whether variance was favorable or unfavorable. For blank one, indicate the materials cost variance. For blank two, indicate the materials efficiency (or quantity) variance. For blank three, indicate the total materials variance.
For FISH Company, actual materials cost was $24,800. Standard price for materials was $5.00 per pound and standard quantity was two pounds per [good] output unit For August, actual pounds purchased AND used were 5100 pounds and 2500 [good output units were produced in August. For each of the following three questions, indicate two things: amount of variance and whether variance was favorable or unfavorable. For blank one, indicate the materials cost variance. For blank two, indicate the materials efficiency (or quantity) variance. For blank three, indicate the total materials variance.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![For FISH Company, actual materials cost was $24,800. Standard price for materials
was $5.00 per pound and standard quantity was two pounds per [good] output unit.
For August, actual pounds purchased AND used were 5100 pounds and 2500 [good]
output units were produced in August. For each of the following three questions,
indicate two things: amount of variance and whether variance was favorable or
unfavorable. For blank one, indicate the materials cost variance. For blank two,
indicate the materials efficiency (or quantity) variance. For blank three, indicate the
total materials variance.
Blank # 1
Blank # 2
Blank # 3
警
響
警整
響臺藝
警 警
警
全
豐](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3101930c-e83c-4780-b7ea-1c80937b66a6%2Fe8e5519d-93f6-4be5-ab9b-3ec6416fbbf0%2F3f0cxu9_processed.jpeg&w=3840&q=75)
Transcribed Image Text:For FISH Company, actual materials cost was $24,800. Standard price for materials
was $5.00 per pound and standard quantity was two pounds per [good] output unit.
For August, actual pounds purchased AND used were 5100 pounds and 2500 [good]
output units were produced in August. For each of the following three questions,
indicate two things: amount of variance and whether variance was favorable or
unfavorable. For blank one, indicate the materials cost variance. For blank two,
indicate the materials efficiency (or quantity) variance. For blank three, indicate the
total materials variance.
Blank # 1
Blank # 2
Blank # 3
警
響
警整
響臺藝
警 警
警
全
豐
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