Proctor Cleaning Products manufactures a product using a process that allows for substitution between two materials, X-1 and Y-7. The company has the following direct materials data for its product: Standard costs for one unit of output 68 units of input at $1.00 12 units of input at $4.60 The following results were reported for January: X-1 Y-7 Units of output produced Materials purchased X-1 Y-7 Proctor has a policy of holding no inventories of any kind. Required: a. Compute materials price and efficiency variances. b. Compute materials mix and yield variances. Complete this question by entering your answers in the tabs below. Required A Required B 18,200 units 1,204,000 units at $1.02 224,000 units at $4.551 Compute materials price and efficiency variances. Note: Do not round intermediate calculations. Indicate the effect each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option. Materials price variance Materials efficiency variance X-1 < Required A Y-7 Required B > Total

Proctor Cleaning Products manufactures a product using a process that allows for substitution between two materials, X-1 and Y-7. The company has the following direct materials data for its product: Standard costs for one unit of output 68 units of input at $1.00 12 units of input at $4.60 The following results were reported for January: X-1 Y-7 Units of output produced Materials purchased X-1 Y-7 Proctor has a policy of holding no inventories of any kind. Required: a. Compute materials price and efficiency variances. b. Compute materials mix and yield variances. Complete this question by entering your answers in the tabs below. Required A Required B 18,200 units 1,204,000 units at $1.02 224,000 units at $4.551 Compute materials price and efficiency variances. Note: Do not round intermediate calculations. Indicate the effect each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option. Materials price variance Materials efficiency variance X-1 < Required A Y-7 Required B > Total

Name: Proctor Cleaning Products manufactures a product using a process that
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Description: Proctor Cleaning Products manufactures a product using a process that allows for substitution between two materials, X-1 and Y-7. Thecompany has the following direct materials data for its product:Standard costs for one unit of output68 units of inp

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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