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Hushovd Manufacturing has collected the following data for its Storm Guard product line: Cost Component Direct material standard Direct materials standard cost Actual direct materials used Actual finished goods produced Actual material purchased cost Actual quantity of direct material used Standard/Actual Values 8 pounds per unit $0.90 per pound 30,000 pounds 3,800 units $1.00 per pound 28,000 pounds What is the Direct Material Price Variance?

Hushovd Manufacturing has collected the following data for its Storm Guard product line: Cost Component Direct material standard Direct materials standard cost Actual direct materials used Actual finished goods produced Actual material purchased cost Actual quantity of direct material used Standard/Actual Values 8 pounds per unit $0.90 per pound 30,000 pounds 3,800 units $1.00 per pound 28,000 pounds What is the Direct Material Price Variance?

FINANCIAL ACCOUNTING
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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Hushovd Manufacturing has collected the following data for its Storm Guard product line: Cost Component Direct material standard Direct materials standard cost Actual direct materials used Actual finished goods produced Actual material purchased cost Actual quantity of direct material used Standard/Actual Values 8 pounds per unit $0.90 per pound 30,000 pounds 3,800 units $1.00 per pound 28,000 pounds What is the Direct Material Price Variance?
Transcribed Image Text:Hushovd Manufacturing has collected the following data for its Storm Guard product line: Cost Component Direct material standard Direct materials standard cost Actual direct materials used Actual finished goods produced Actual material purchased cost Actual quantity of direct material used Standard/Actual Values 8 pounds per unit $0.90 per pound 30,000 pounds 3,800 units $1.00 per pound 28,000 pounds What is the Direct Material Price Variance?
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