Information on Chicago Crafters direct materials costs follows: Quantities of alloy purchased and used Actual cost of alloy used Standard price per pound of alloy Standard quantity of alloy allowed Chicago Crafters carries no materials inventories. 77,600 pounds $ 3,823,000 $ 47.40 Required: a. What were Chicago Crafters' direct materials price and efficiency variances? b. (Appendix) Prepare the journal entries to record the purchase and use of alloy using standard costing. www 80,400 pounds Complete this question by entering your answers in the tabs below. 144,760 U Required A Required B What were Chicago Crafters' direct materials price and efficiency variances? Note: Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do n select either option. Direct materials price variance 4

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Chapter1: Financial Statements And Business Decisions
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Information on Chicago Crafters direct materials costs follows:
Quantities of alloy purchased and used
Actual cost of alloy used
Standard price per pound of alloy
Standard quantity of alloy allowed
Chicago Crafters carries no materials inventories.
77,600 pounds
Required A Required B
$ 3,823,000
Required:
a. What were Chicago Crafters' direct materials price and efficiency variances?
b. (Appendix) Prepare the journal entries to record the purchase and use of alloy using standard costing.
$ 47.40
80,400 pounds
Complete this question by entering your answers in the tabs below.
S 144,760 U
Pc
What were Chicago Crafters' direct materials price and efficiency variances?
Note: 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.
Direct materials price variance
Transcribed Image Text:Information on Chicago Crafters direct materials costs follows: Quantities of alloy purchased and used Actual cost of alloy used Standard price per pound of alloy Standard quantity of alloy allowed Chicago Crafters carries no materials inventories. 77,600 pounds Required A Required B $ 3,823,000 Required: a. What were Chicago Crafters' direct materials price and efficiency variances? b. (Appendix) Prepare the journal entries to record the purchase and use of alloy using standard costing. $ 47.40 80,400 pounds Complete this question by entering your answers in the tabs below. S 144,760 U Pc What were Chicago Crafters' direct materials price and efficiency variances? Note: 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. Direct materials price variance
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