Homework Help is Here – Start Your Trial Now!
Business
Accounting
quantity variances Using the following product information, calculate the direct materials price variance and the direct materials quantity variance. Indicate whether each variance is favorable or unfavorable. Actual direct materials used Actual units produced Actual cost of direct materials used Direct materials standard (6 pounds @ $9.00 per pound) AQ=Actual Quantity SQ-Standard Quantity AP=Actual Price SP=Standard Price 5,040 pounds 804 units $ 35,280 $ 54 per unit

quantity variances Using the following product information, calculate the direct materials price variance and the direct materials quantity variance. Indicate whether each variance is favorable or unfavorable. Actual direct materials used Actual units produced Actual cost of direct materials used Direct materials standard (6 pounds @ $9.00 per pound) AQ=Actual Quantity SQ-Standard Quantity AP=Actual Price SP=Standard Price 5,040 pounds 804 units $ 35,280 $ 54 per unit

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Topic Video
Question
Please Do not Give image format
quanuity variances Using the following product information, calculate the direct materials price variance and the direct materials quantity variance. Indicate whether each variance is favorable or unfavorable. Actual direct materials used Actual units produced Actual cost of direct materials used Direct materials standard (6 pounds @ $9.00 per pound) AQ=Actual Quantity SQ-Standard Quantity AP=Actual Price SP=Standard Price 5,040 pounds 804 units $ 35,280 $ 54 per unit
Transcribed Image Text:quanuity variances Using the following product information, calculate the direct materials price variance and the direct materials quantity variance. Indicate whether each variance is favorable or unfavorable. Actual direct materials used Actual units produced Actual cost of direct materials used Direct materials standard (6 pounds @ $9.00 per pound) AQ=Actual Quantity SQ-Standard Quantity AP=Actual Price SP=Standard Price 5,040 pounds 804 units $ 35,280 $ 54 per unit
AQ=Actual Quantity SQ-Standard Quantity AP=Actual Price SP Standard Price Note: Indicate the effect of the variance by selecting favorable, unfavorable, or no va Actual Cost 1 0 $ 0 Standard Cost X
Transcribed Image Text:AQ=Actual Quantity SQ-Standard Quantity AP=Actual Price SP Standard Price Note: Indicate the effect of the variance by selecting favorable, unfavorable, or no va Actual Cost 1 0 $ 0 Standard Cost X
Expert Solution
steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Performance measurements
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS