I In reviewing activity for July, the controller of Mathis, Inc., collected the following data concerning direct materials.     Actual production   103,600 units Direct materials purchased (actual) $ 1,644,000   Standard cost of materials purchased   1,557,000   Standard direct materials costs per unit produced   14.20   Standard price times actual amount of materials used   1,408,950       Required: Compute the direct materials cost variances. (Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option.)

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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In reviewing activity for July, the controller of Mathis, Inc., collected the following data concerning direct materials.

 

 
Actual production   103,600 units
Direct materials purchased (actual) $ 1,644,000  
Standard cost of materials purchased   1,557,000  
Standard direct materials costs per unit produced   14.20  
Standard price times actual amount of materials used   1,408,950  
 

 

Required:

Compute the direct materials cost variances. (Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option.)

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