he standard cost of product 999 includes 2 units of direct materials at $5.90 per unit. During August, the company bought 27,400 nits of materials at $6.10 and used those materials to produce 14,200 units. Calculate the total, price, and quantity variances for materials. (Round per unit calculations to 2 decimal places, e.g. 1.25 and final answers to O decimal places, e.g. 125.)

he standard cost of product 999 includes 2 units of direct materials at $5.90 per unit. During August, the company bought 27,400 nits of materials at $6.10 and used those materials to produce 14,200 units. Calculate the total, price, and quantity variances for materials. (Round per unit calculations to 2 decimal places, e.g. 1.25 and final answers to O decimal places, e.g. 125.)

Name: H The standard cost of product 999 includes 2 units of direct material
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Description: H The standard cost of product 999 includes 2 units of direct materials at $5.90 per unit. During August, the company bought 27,400units of materials at $6.10 and used those materials to produce 14,200 units. Calculate the total, price, and quantity

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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Concept explainers

Variance Analysis

In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance.

Standard Costing

The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.

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Question

The standard cost of product 999 includes 2 units of direct materials at $5.90 per unit. During August, the company bought 27,400
units of materials at $6.10 and used those materials to produce 14,200 units. Calculate the total, price, and quantity variances for
materials. (Round per unit calculations to 2 decimal places, e.g. 1.25 and final answers to O decimal places, e.g. 125.)
Total material variance
Materials price variance
$
$
Materials quantity variance $
V

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