Maxwell Industries' output for the current period was assigned a $230,000 standard direct materials cost. The direct materials variances included a $7,500 favorable price variance and a $3,200 unfavorable quantity variance. What is the actual total direct materials cost for the current period?

Maxwell Industries' output for the current period was assigned a $230,000 standard direct materials cost. The direct materials variances included a $7,500 favorable price variance and a $3,200 unfavorable quantity variance. What is the actual total direct materials cost for the current period?

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter9: Evaluating Variances From Standard Costs

Section: Chapter Questions

Problem 4E: The following data relate to the direct materials cost for the production of 50,000 automobile...

See similar textbooks

Related questions

Q: Accounting problem with correct answer

A: To calculate the labor efficiency variance, we can use the formula: Labor Efficiency Variance =…

Q: What is the amount allocated to ending inventory?

A: Explanation of Inventory :Inventory refers to the goods or materials a business holds for the…

Q: Solve this

A: Understanding the ProblemMarkup: Company X adds a 60% markup to the cost of the item to determine…

Q: Gross profit would be?

A: Explanation of Sales Revenue: Sales revenue represents the total amount of money generated from…

Q: Quick answer of this general accounting

A: Step 1: Definition of Actual Direct Materials CostActual direct materials cost refers to the total…

Q: Kindly help me with of this general accounting questions not use chart gpt please fast given…

A: Step 1: Define Days' Sales in ReceivablesDays' Sales in Receivables measures the average number of…

Q: Alina’s Catering has a monthly target operating income of $16,000. Variable expenses are 40% of…

A: Step 1: DefinitionsOperating Income:Operating Income is the profit a company earns from its core…

Q: Hello tutor please given General accounting question answer do fast and properly explain all answer

A: Step 1: Define Applied Manufacturing OverheadApplied manufacturing overhead refers to the overhead…

Q: Please given correct answer for General accounting question I need step by step explanation

A: Step 1: Define Net IncomeNet income is the total profit of a company after all expenses have been…

Q: Answer

A: Step 1: Definition of Net IncomeNet income is the profit remaining after all variable and fixed…

Q: Calculate the depreciation expense for the

A: Concept of Asset Cost:The asset cost refers to the total amount paid to acquire a fixed asset,…

Q: None

A: Calculation of Annual Sales RevenueReceivables = Days of Sales x (Annual Sales / Days in a year)or,…

Q: What is the net income for the period of this financial accounting question?

A: Step 1: Define Net IncomeNet Income is the total profit or earnings of a company after all expenses,…

Q: General accounting question

A: Step 1: Definition of Gross ProfitGross Profit is the difference between Sales Revenue and Cost of…

Q: Provide correct answer this financial accounting question

A: Calculate COGS for June and JulySince the Cost of Goods Sold (COGS) is 70% of sales:COGS for June =…

Q: Please give me correct answer this general accounting question

A: Step 1: Define Variable CostingVariable Costing is a costing method where only variable…

Q: Hi expert please give me answer general accounting question

A: Step 1: Definition of Operating IncomeOperating Income is the profit a company earns from its core…

Q: How much is this adjust general accounting cost of good sold

A: Step 1: Definition of Adjusted Cost of Goods Sold (COGS)The Adjusted Cost of Goods Sold (COGS) is…

Q: hey expert provide solution step by step general accounting

A: Step 1: Calculate Cost of Goods Manufactured (COGM)COGM = Total Manufacturing Costs + Beginning…

Q: Please give me correct answer this financial accounting question

A: Step 1: Definition of Net IncomeNet Income is the amount of profit remaining after all expenses,…

Q: Changing the method of valuing inventory ignores the principle of ________. A. Lower of cost or…

A: The consistency principle in accounting states that once a company chooses an accounting method, it…

Q: Don't use ai given answer accounting question

A: Step 1: Definition of Break-Even and Target Profit AnalysisBreak-even and target profit analysis is…

Q: Hannah Brooks receives a travel allowance of $220 each week from her company for time away from…

A: To determine how much Hannah Brooks will pay in taxes for her travel allowance, follow these steps:…

Q: Total manufacturing cost

A: Explanation of Work in Process (WIP) Inventory:Work in Process inventory includes all partially…

Q: What type of accounts are Accumulated Depreciation and Allowance for Doubtful Accounts? Contra…

A: Accumulated Depreciation and Allowance for Doubtful Accounts are classified as Contra Asset…

Q: ??!!

A: Step 1: Definition of Gearing RatioGearing Ratio is a financial ratio that compares a company's…

Q: I need step by step solution with accounting question

A: Step 1: Definition of Degree of Operating Leverage (DOL)The Degree of Operating Leverage (DOL)…

Q: Hello sir Please Give Answer of this financial Accounting

A: Step 1: Definition of Return on Equity (ROE)Return on Equity (ROE) measures a company's…

Q: How much were the liabilities?

A: Explanation of Assets: Assets represent economic resources owned or controlled by a company that are…

Q: Subject: General accounting

A: Step 1: Define Return on Assets (ROA)Return on Assets (ROA) measures the company's profitability in…

Q: What were Zendta Corporation's free cash flow and

A: To calculate Zendta Corporation's Free Cash Flow (FCF) and Earnings: Given data:Cash Flow from…

Q: Subject: Accounting

A: Explanation of Measurement Attribute Selection :Measurement attribute selection refers to the…

Q: What is the work in process inventory on December 31 on these accounting question?

A: To find the Work in Process (WIP) Inventory on December 31, 2021, we use the formula:Cost of Goods…

Q: Financial Accounting

A: Step 1: Define Return on Equity (ROE)Return on Equity (ROE) is a financial metric that measures the…

Q: What is the firm operating cycle?

A: Explanation of Operating Cycle:The operating cycle is the total number of days it takes a company to…

Q: The listing of accounts that are available for posting transactions is the __________ of accounts.…

A: Final Answer: Chart of AccountsExplanation:The chart of accounts is a structured list of all…

Q: Please give me true answer this financial accounting question

A: Step 1: Calculate June's Cost of Goods Sold (COGS)COGS is 70% of sales:COGS for June = 70% ×…

Q: What is the cost of good sold for the year?

A: Step 1: Definition of Cost of Goods Sold (COGS)Cost of Goods Sold (COGS) is the total cost of…

Q: Please given correct option for general accounting question I need step by step explanation

A: Step 1: Define Manufacturing Overhead CostsManufacturing overhead costs are indirect costs that…

Q: I want to correct answer accounting questions

A: Step 1: Definition of Return on Assets (ROA)Return on Assets (ROA) measures a company's…

Q: A firm's days of sales outstanding are 23.4, days of inventory on hand are 45.9, and the number of…

A: Explanation of Cash Conversion Cycle: The cash conversion cycle represents the time it takes for a…

Q: Pablo Foods Ltd. acquires all the outstanding stock of Northern Harvest Inc. for $15 million. The…

A: Goodwill:Goodwill is an intangible asset that arises when a company acquires another company for a…

Q: Falcon Enterprises reported the following financial data: Financial Data: • Beginning Total Assets:…

A: To calculate the Return on Total Assets (ROA), use the formula: ROA=(Net Income/Average Total…

Q: QUestion 8

A: Step 1: Depreciation:-Depreciation is decrease in the value of assets. As per going concern when…

Q: I need help with this solution and accounting question

A: Step 1: Definition of Raw Materials UsedRaw Materials Used represents the amount of materials…

Q: Accounting Question

A: Explanation of Asset Turnover Ratio: Asset turnover ratio is a financial efficiency metric that…

Q: Help with accounting question is correct solution

A: Step 1: Definition of Net IncomeNet income is the amount of profit a company earns after subtracting…

Q: Need Answer

A: Step 1: What's given in the problem:The face value of the note is $30,000. The discount rate is 8%.…

Q: Solve this problem

A: Let's break down the solution step by step: Given Information:Investment in new equipment: $275,000…

Q: BGM Manufacturing uses a predetermined overhead

A: Concept of Predetermined Overhead Rate:The predetermined overhead rate is an estimated rate used to…

Question

100%

Net income using accural accounting?

Maxwell Industries' output for the current period was assigned a $230,000
standard direct materials cost. The direct materials variances included a
$7,500 favorable price variance and a $3,200 unfavorable quantity variance.
What is the actual total direct materials cost for the current period?

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Similar questions

Recompute the variances from the second Acme Inc. exercise using $0.0725 as the standard cost of the material and $14 as the standard labor cost per hour. How has your explanation of the variances changed?
The actual total direct material cost for the current period ?
What is cost for the current period ?
What is the actual total direct materials cost?
What is the actual total direct materials cost?
What is the actual total direct materials cost for the current period???
Sanchez Company's output for the current period was assigned a $350,000 standard direct materials cost. The direct materials variances included a $36,000 favorable price variance and a $29,000 unfavorable quantity variance. What is the actual total direct materials cost for the current period? Answer this question
What is the actual direct material cost
Sanchez Company's output for the current period was assigned a $350,000 standard direct materials cost. The direct materials variances included a $36,000 favorable price variance and a $29,000 unfavorable quantity variance. What is the actual total direct materials cost for the current period?
What is the actual total direct materials cost for the current period?
What is the actual total direct materials cost for the current period
Jasper Company's output for the current period was assigned a $225,000 standard direct materials cost. The direct materials variances included a $15,500 favorable price variance and a $3,200 favorable quantity variance. What is the actual total direct materials cost for the current period? Provide answer