Homework Help is Here – Start Your Trial Now!
Business
Accounting
QUESTION: Brown Company produces fine leather footballs. The standard cost for each football is: Direct material 2 feet of leather at $4.00/foot $8.00 Direct labor 1.5 hours at $12.00/hour $18.00 During February, 1,200 footballs were produced. 2,600 feet of leather were purchased at $4.25 per foot. Of this, 2,300 feet were used in production. Direct labor cost incurred was $20,930 for 1,820 hours. What is the direct material price variance?

QUESTION: Brown Company produces fine leather footballs. The standard cost for each football is: Direct material 2 feet of leather at $4.00/foot $8.00 Direct labor 1.5 hours at $12.00/hour $18.00 During February, 1,200 footballs were produced. 2,600 feet of leather were purchased at $4.25 per foot. Of this, 2,300 feet were used in production. Direct labor cost incurred was $20,930 for 1,820 hours. What is the direct material price variance?

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
Question

need answer please provide with calculation and explanation

QUESTION: Brown Company produces fine leather footballs. The standard cost for each football is: Direct material 2 feet of leather at $4.00/foot $8.00 Direct labor 1.5 hours at $12.00/hour $18.00 During February, 1,200 footballs were produced. 2,600 feet of leather were purchased at $4.25 per foot. Of this, 2,300 feet were used in production. Direct labor cost incurred was $20,930 for 1,820 hours. What is the direct material price variance?
Transcribed Image Text:QUESTION: Brown Company produces fine leather footballs. The standard cost for each football is: Direct material 2 feet of leather at $4.00/foot $8.00 Direct labor 1.5 hours at $12.00/hour $18.00 During February, 1,200 footballs were produced. 2,600 feet of leather were purchased at $4.25 per foot. Of this, 2,300 feet were used in production. Direct labor cost incurred was $20,930 for 1,820 hours. What is the direct material price variance?
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
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