Longman, Inc. is a manufacturer of lead crystal glasses. The standard direct materials quantity is 0.9 pound per glass at a cost of $0.50 per pound. The actual result forone month's production of 7,100 glasses was 1.4 pounds per glass, at a cost of $0.40 per pound. Calculate the direct materials cost variance and the direct materialsefficiency variance...... Select the formula, then enter the amounts and compute the cost variance for direct materials and identify whether the variance is favorable (F) or unfavorable (U).Actual CostStandard CostActual QuantityDirect Materials Cost Variance( $0.200.4010,080$2,016 FSelect the formula, then enter the amounts and compute the efficiency variance for direct materials and identify whether the variance is favorable (F) or unfavorable(U).Actual QuantityStandard QuantityStandard CostDirect Materials Efficiency Variance10,0804,320$0.40$2,304 U

Name: Longman, Inc. is a manufacturer of lead crystal glasses. The standard
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Description: Longman, Inc. is a manufacturer of lead crystal glasses. The standard direct materials quantity is 0.9 pound per glass at a cost of $0.50 per pound. The actual result forone month's production of 7,100 glasses was 1.4 pounds per glass, at a cost of

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Longman, Inc. is a manufacturer of lead crystal glasses. The standard direct materials quantity is 0.9 pound per glass at a cost of $0.50 per pound. The actual result for one month's production of 7,100 glasses was 1.4 pounds per glass, at a cost of $0.40 per pound. Calculate the direct materials cost variance and the direct materials efficiency variance.

Longman, Inc. is a manufacturer of lead crystal glasses. The standard direct materials quantity is 0.9 pound per glass at a cost of $0.50 per pound. The actual result for one month's production of 7,100 glasses was 1.4 pounds per glass, at a cost of $0.40 per pound. Calculate the direct materials cost variance and the direct materials efficiency 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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