Program Outcome: Perform cost accounting preparation, reporting, and analysis tasks# 17a Criteria: calculate variances using standard costsUnit standards for material:3 lbs per unit$6 per lbEquivalent UnitsBeginning Work In ProcessEnding Work In ProcessUnits CompletedActual ResultsNumber of lbs usedTotal material cost200 units400 units6,400 units20,900 lbs123,300Calculate Material Price VarianceNet Material VarianceCalculate Material Quantity VarianceusagepriceAll materials added at the beginningAll materials added at the beginningO favorable0 unfavorableO unfavorableactual @ actual0actual @ standard0actual @ standard0standard @ standard0

Name: Program Outcome: Perform cost accounting preparation, reporting, and
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Description: Program Outcome: Perform cost accounting preparation, reporting, and analysis tasks# 17a Criteria: calculate variances using standard costsUnit standards for material:3 lbs per unit$6 per lbEquivalent UnitsBeginning Work In ProcessEnding Work In Pro

Material price variance is the difference between actual price paid for the materials used and…

Business

Accounting

Program Outcome: Perform cost accounting preparation, reporting, and analysis tasks #17a Criteria: calculate variances using standard costs Unit standards for material: 3 lbs per unit $6 per lb Equivalent Units Beginning Work In Process Ending Work In Process Units Completed 200 units 400 units 6,400 units Actual Results Number of lbs used Total material cost Calculate Material Price Variance Calculate Material Quantity Variance Net Material Variance 20,900 lbs 123,300 usage price All materials added at the beginning All materials added at the beginning O favorable O unfavorable 0 unfavorable actual @ actual 0 actual @ standard 0 actual @ standard 0 standard @ standard

Program Outcome: Perform cost accounting preparation, reporting, and analysis tasks #17a Criteria: calculate variances using standard costs Unit standards for material: 3 lbs per unit $6 per lb Equivalent Units Beginning Work In Process Ending Work In Process Units Completed 200 units 400 units 6,400 units Actual Results Number of lbs used Total material cost Calculate Material Price Variance Calculate Material Quantity Variance Net Material Variance 20,900 lbs 123,300 usage price All materials added at the beginning All materials added at the beginning O favorable O unfavorable 0 unfavorable actual @ actual 0 actual @ standard 0 actual @ standard 0 standard @ standard

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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