Myers Corporation has the following data related to direct materials costs for November: actual costs for 4,700 pounds of material at $5.20 and standard costs for 4,470 pounds of material at $6.20 per pound. The direct materials quantity variance is O a. $1,426 unfavorable Ob. $4,700 favorable O c. $1,426 favorable O d. $4,700 unfavorable
Myers Corporation has the following data related to direct materials costs for November: actual costs for 4,700 pounds of material at $5.20 and standard costs for 4,470 pounds of material at $6.20 per pound. The direct materials quantity variance is O a. $1,426 unfavorable Ob. $4,700 favorable O c. $1,426 favorable O d. $4,700 unfavorable
Chapter1: Financial Statements And Business Decisions
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Variance Analysis
In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance.
Standard Costing
The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.
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Transcribed Image Text:Myers Corporation has the following data related to direct materials costs for November: actual costs for 4,700 pounds of material at $5.20 and standard costs for 4,470
pounds of material at $6.20 per pound.
The direct materials quantity variance is
a. $1,426 unfavorable
b. $4,700 favorable
Oc. $1,426 favorable
O d. $4,700 unfavorable
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