Required information [The following information applies to the questions displayed below.] A manufactured product has the following information for June. Standard 5 lbs. @ $7 per lb. 2 hrs. @ $16 per hr. 2 hrs. @ $11 per hr. Actual Direct materials 44,500 lbs. @ $7.10 per lb. 17,400 hrs. e $16.50 per hr. $200,200 Direct labor Overhead Units manufactured ৪, ৪০০ Compute the direct materials price variance and the direct materials quantity variance. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance. Round "Cost per unit" answers to 2 decimal places.) AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price

Required information [The following information applies to the questions displayed below.] A manufactured product has the following information for June. Standard 5 lbs. @ $7 per lb. 2 hrs. @ $16 per hr. 2 hrs. @ $11 per hr. Actual Direct materials 44,500 lbs. @ $7.10 per lb. 17,400 hrs. e $16.50 per hr. $200,200 Direct labor Overhead Units manufactured ৪, ৪০০ Compute the direct materials price variance and the direct materials quantity variance. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance. Round "Cost per unit" answers to 2 decimal places.) AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price

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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