Matinna Co. maintains no inventories and has the following data pertaining to one of its direct materials in July: Standard quantity of direct materials for the units manufactured (SQ) 30,000 Direct materials purchases—actual cost $ 63,000 Standard price per unit of direct materials (SP) $ 2.00 Direct material efficiency variance—favorable $ 4,500 All materials purchased during the month were issued to production. What was the direct materials price variance for July, rounded to the nearest dollar?
Matinna Co. maintains no inventories and has the following data pertaining to one of its direct materials in July: Standard quantity of direct materials for the units manufactured (SQ) 30,000 Direct materials purchases—actual cost $ 63,000 Standard price per unit of direct materials (SP) $ 2.00 Direct material efficiency variance—favorable $ 4,500 All materials purchased during the month were issued to production. What was the direct materials price variance for July, rounded to the nearest dollar?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Matinna Co. maintains no inventories and has the following data pertaining to one of its direct materials in July:
Standard quantity of direct materials for the units manufactured (SQ) | 30,000 | ||
Direct materials purchases—actual cost | $ | 63,000 | |
Standard price per unit of direct materials (SP) | $ | 2.00 | |
Direct material efficiency variance—favorable | $ | 4,500 | |
All materials purchased during the month were issued to production.
What was the direct materials price variance for July, rounded to the nearest dollar?
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