Georgia, Inc. has collected the following data on one of its products. The direct materials quantity variance is:Direct materials standard (4 lbs. @ $1/1b.)2$4 per finished unitTotal direct materials cost variance-unfavorable$ 13,750Actual direct materials used150,000 lbs.Actual finished units produced30,000 unitsMultiple Choice$30.000 favorable.$13,750 unfavorable.$16,250 favorable.$30,000 unfavorable.$13.750 favorable.< Prev25 of 25Next >

Name: Georgia, Inc. has collected the following data on one of its products
Uploaded: 2024-03-20T06:33:06.000Z
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Description: Georgia, Inc. has collected the following data on one of its products. The direct materials quantity variance is:Direct materials standard (4 lbs. @ $1/1b.)2$4 per finished unitTotal direct materials cost variance-unfavorable$ 13,750Actual direct ma

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Georgia, Inc. has collected the following data on one of its products. The direct materials quantity variance is: Direct materials standard (4 lbs. @ $1/1b.) $ 4 per finished unit $ 13,750 150,000 lbs. 30,000 units Total direct materials cost variance-unfavorable Actual direct materials used Actual finished units produced Multiple Choice O s30,000 favorable. O $13,750 unfavorable. $16,250 favorable. $30,000 unfavorable. $13,750 favorable.

Georgia, Inc. has collected the following data on one of its products. The direct materials quantity variance is: Direct materials standard (4 lbs. @ $1/1b.) $ 4 per finished unit $ 13,750 150,000 lbs. 30,000 units Total direct materials cost variance-unfavorable Actual direct materials used Actual finished units produced Multiple Choice O s30,000 favorable. O $13,750 unfavorable. $16,250 favorable. $30,000 unfavorable. $13,750 favorable.

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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Use this information to answer the question that follow. The following data relate to direct materials costs for February: Materials cost per yard: standard, $1.99; actual, $2.04 Standard yards per unit: standard, 4.70 yards; actual, 5.10 yards Units of production: 9,500 Calculate the direct materials quantity variance. a. $7,562.00 favorable b. $7,562.00 unfavorable c. $7,752.00 favorable d. $7,752.00 unfavorable
Show the solution in good accounting form Compute for the materials variance MARICOL Company uses a standard costing system in connection with the manufacture of their product "X". Each unit of finished product contains 2 yards of a direct material. However, a 20% direct material spoilage calculated on input quantities occurs during the manufacturing process. The standard cost of the direct material is P3 per yard. For the month, the company purchased 100,000 yards of the direct material for P350,000 and used 90,000 yards to produce 40,000 units of Material X.
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