Lakewood Incorporated uses a standard cost system. Materials standards are 7 components per widget at $12.00 per component. During August. Lakewood Incorporated purchased 64,500 components for $767,550, using the components to produce 8,600 widgets. a. Calculate the direct materials price variance. Note:Do not round your intermediate calculations. Indicate the effect of variance by selecting "Favorable". "Unfavorable", or "None" for no effect (i.e., zero variance). b. Calculate the direct materials quantity variance, Note: Indicate the effect of variance by selecting "Favorable". "Unfavorable", or "None" for no effect (i.e., zero variance). c. Calculate the direct materials spending variance Note: Indicate the effect of variance by selecting "Favorable". "Unfavorable", or "None" for no effect (i.e., zero variance).

Lakewood Incorporated uses a standard cost system. Materials standards are 7 components per widget at $12.00 per component. During August. Lakewood Incorporated purchased 64,500 components for $767,550, using the components to produce 8,600 widgets. a. Calculate the direct materials price variance. Note:Do not round your intermediate calculations. Indicate the effect of variance by selecting "Favorable". "Unfavorable", or "None" for no effect (i.e., zero variance). b. Calculate the direct materials quantity variance, Note: Indicate the effect of variance by selecting "Favorable". "Unfavorable", or "None" for no effect (i.e., zero variance). c. Calculate the direct materials spending variance Note: Indicate the effect of variance by selecting "Favorable". "Unfavorable", or "None" for no effect (i.e., zero variance).

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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