Myers Corporation has the following data related to direct materials costs for November: actual cost for 4,670 pounds of material at $5.40 and standard cost for 4,400 pounds of material at $6.20 per pound. The direct materials price variance is O a. $1,674 favorable Ob. $3,736 unfavorable Oc. $1,674 unfavorable Od. $3,736 favorable

Myers Corporation has the following data related to direct materials costs for November: actual cost for 4,670 pounds of material at $5.40 and standard cost for 4,400 pounds of material at $6.20 per pound. The direct materials price variance is O a. $1,674 favorable Ob. $3,736 unfavorable Oc. $1,674 unfavorable Od. $3,736 favorable

Name: Myers Corporation has the following data related to direct materials
Uploaded: 2024-03-20T06:33:06.000Z
Channel: Bartleby
Description: Myers Corporation has the following data related to direct materials costs for November: actualcost for 4,670 pounds of material at $5.40 and standard cost for 4,400 pounds of material at$6.20 per pound.The direct materials price variance isa. $1,67

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

The standard costs and actual costs for direct materials for the manufacture of 2,800 actual units of product are as follows: Standard CostsDirect materials 1,040 kilograms at $8.51 Actual CostsDirect materials 2,800 kilograms at $8.05 The direct materials price variance is a. $478 favorable b. $478 unfavorable c. $1,288 favorable d. $1,288 unfavorable
answer
Myers Corporation has the following data related to direct materials costs for November: actual costs for 4,670 pounds of material at $5.20 and standard costs for 4,460 pounds of material at $6.20 per pound. The direct materials quantity variance is
The following data relate to direct labor costs for the current period: Standard costs 7,300 hours at $11.80 Actual costs 6,400 hours at $10.00 The direct labor time variance is Oa. $10,620 unfavorable Ob. $9,000 favorable C. $9,000 unfavorable Od. $10,620 favorable
A company provided the following direct materials cost information. Compute the direct materials quantity variance. Standard costs assigned: Direct materials standard cost (415,000 units @ $2.60/unit) Actual costs: Direct materials costs incurred (413,040 units @ $2.90/unit) Multiple Choice $5,096 Unfavorable. $5,684 Unfavorable $5,096 Favorable. $118,816 Favorable. $ 1,079,000 $ 1,197,816
Myers Corporation has the following data related to direct materials costs for November: actual costs for 5,000 pounds of material at $4.50 per pound; and standard costs for 4,800 pounds of material at $5.10 per pound. What is the direct materials price variance? a.$2,880 unfavorable b.$3,000 unfavorable c.$2,880 favorable d.$3,000 favorable
The following data relate to direct materials costs for February:Materials cost per yard: standard, $1.91; actual, $2.04Yards per unit: standard, 4.70 yards; actual, 5.08 yardsUnits of production: 9,000The direct materials price variance is a.$5,499.00 favorable b.$1,170.00 unfavorable c.$5,943.60 favorable d.$5,943.60 unfavorable
The standard costs and actual costs for direct materials for the manufacture of 2,300 actual units of product are as follows: Standard Costs Direct materials Direct materials Actual Costs The direct materials price variance is Oa. $166 unfavorable Ob. $368 favorable Oc. $166 favorable Od. $368 unfavorable 1,040 kilograms at $8.51 2,300 kilograms at $8.35
Based on the following information, calculate the direct materials price variance. Actual costs 3,590 pounds at $8.00 Standard costs 4,100 pounds at $6.00
Devoto Incorporated has provided the following data concerning one of the products in its standard cost system. Standard Quantity or Hours per Unit of Output Inputs Standard Price or Rate Direct materials 6.6 grams $7.70 per gram The company has reported the following actual results for the product for June: Actual output 9,200 units Raw materials purchased 64,500 grams Actual cost of raw materials purchased $548, 250 Raw materials used in production 60,710 grams The raw materials quantity variance for the month is closest to: Multiple Choice $77 F $77 U $85 F $85 U
Zillow Inc. has the following data related to direct materials costs for the current month: actual cost for 7,000 pounds of material at $2.50 per pound and standard cost for 6,700 pounds of material at $3.20 per pound. What is the direct materials quantity or efficiency variance? Group of answer choices -$4,900 favorable $4,900 unfavorable $960 unfavorable -$960 favorable
Subject: acounting