he following data relate to the direct materials cost for the production of 2,300 automobile tires: Actual 51,700 lbs. at $1.70 $87,890 Standard 50,700 lbs. at $1.75 $88,725 a. Determine the direct materials price variance, direct materials quantity variance, and total direct materials cost variance. Enter favorable variances as negative numbers. Enter unfavorable variances as positive numbers. Price variance $fill in the blank 1 Quantity variance fill in the blank 3 Total direct materials cost variance $fill in the blank 5
he following data relate to the direct materials cost for the production of 2,300 automobile tires: Actual 51,700 lbs. at $1.70 $87,890 Standard 50,700 lbs. at $1.75 $88,725 a. Determine the direct materials price variance, direct materials quantity variance, and total direct materials cost variance. Enter favorable variances as negative numbers. Enter unfavorable variances as positive numbers. Price variance $fill in the blank 1 Quantity variance fill in the blank 3 Total direct materials cost variance $fill in the blank 5
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Direct Materials Variances
The following data relate to the direct materials cost for the production of 2,300 automobile tires:
| Actual | 51,700 lbs. at $1.70 | $87,890 |
| Standard | 50,700 lbs. at $1.75 | $88,725 |
a. Determine the direct materials price variance, direct materials quantity variance, and total direct materials cost variance. Enter favorable variances as negative numbers. Enter unfavorable variances as positive numbers.
| Price variance | $fill in the blank 1 |
|
| Quantity variance | fill in the blank 3 |
|
| Total direct materials cost variance | $fill in the blank 5 |
|
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