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LO 8.2Ed Co. manufactures two types of O rings, large and small. Both rings use the same material but require different amounts. Standard materials for both are shown. Rubber Large 3 feet at $0.25 per foot Small 1.25 feet at $0.25 per foot Connector 1 at $0.03 1 at $0.03 At the beginning of the month, Ed Co. bought 25,000 feet of rubber for $6,875. The company made 3,000 large O rings and 4,000 small O rings. The company used 14,500 feet of rubber. A. What are the direct materials price variance, the direct materials quantity variance, and the total direct materials cost variance? B. If they bought 10,000 connectors costing $310, what would the direct materials price variance be for the connectors? C. If there was an unfavorable direct materials price variance of $125, how much did they pay per foot for the rubber?

LO 8.2Ed Co. manufactures two types of O rings, large and small. Both rings use the same material but require different amounts. Standard materials for both are shown. Rubber Large 3 feet at $0.25 per foot Small 1.25 feet at $0.25 per foot Connector 1 at $0.03 1 at $0.03 At the beginning of the month, Ed Co. bought 25,000 feet of rubber for $6,875. The company made 3,000 large O rings and 4,000 small O rings. The company used 14,500 feet of rubber. A. What are the direct materials price variance, the direct materials quantity variance, and the total direct materials cost variance? B. If they bought 10,000 connectors costing $310, what would the direct materials price variance be for the connectors? C. If there was an unfavorable direct materials price variance of $125, how much did they pay per foot for the rubber?

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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LO 8.2Ed Co. manufactures two types of O rings, large and small. Both rings use the same material but require different amounts. Standard materials for both are shown. Rubber Large 3 feet at $0.25 per foot Small 1.25 feet at $0.25 per foot Connector 1 at $0.03 At the beginning of the month, Ed Co. bought 25,000 feet of rubber for $6,875. The company made 3,000 large O rings and 4,000 small O rings. The company used 14,500 feet of rubber. 1 at $0.03 A. What are the direct materials price variance, the direct materials quantity variance, and the total direct materials cost variance? B. If they bought 10,000 connectors costing $310, what would the direct materials price variance be for the connectors? C. If there was an unfavorable direct materials price variance of $125, how much did they pay per foot for the rubber?
Transcribed Image Text:LO 8.2Ed Co. manufactures two types of O rings, large and small. Both rings use the same material but require different amounts. Standard materials for both are shown. Rubber Large 3 feet at $0.25 per foot Small 1.25 feet at $0.25 per foot Connector 1 at $0.03 At the beginning of the month, Ed Co. bought 25,000 feet of rubber for $6,875. The company made 3,000 large O rings and 4,000 small O rings. The company used 14,500 feet of rubber. 1 at $0.03 A. What are the direct materials price variance, the direct materials quantity variance, and the total direct materials cost variance? B. If they bought 10,000 connectors costing $310, what would the direct materials price variance be for the connectors? C. If there was an unfavorable direct materials price variance of $125, how much did they pay per foot for the rubber?
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