Required information [The following information applies to the questions displayed below.] A manufactured product has the following information for June. Standard Quantity and Cost Actual Results Direct materials 7 pounds @ $7 per pound 63,500 pounds @ $7.10 per pound Direct labor 2 DLH @ $16 per DLH 17,800 hours $16.60 per hour $ Overhead 2 DLH @ $12 per DLH 221,200 Units manufactured 9,000 units Compute the (1) direct materials price variance and (2) direct materials quantity variance. Note: Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "Cost per unit" answers to 2 decimal places. AQ Actual Quantity SQ Standard Quantity AP Actual Price SP Standard Price Actual Cost Standard Cost
Required information [The following information applies to the questions displayed below.] A manufactured product has the following information for June. Standard Quantity and Cost Actual Results Direct materials 7 pounds @ $7 per pound 63,500 pounds @ $7.10 per pound Direct labor 2 DLH @ $16 per DLH 17,800 hours $16.60 per hour $ Overhead 2 DLH @ $12 per DLH 221,200 Units manufactured 9,000 units Compute the (1) direct materials price variance and (2) direct materials quantity variance. Note: Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "Cost per unit" answers to 2 decimal places. AQ Actual Quantity SQ Standard Quantity AP Actual Price SP Standard Price Actual Cost Standard Cost
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Alpesh
![Required information
[The following information applies to the questions displayed below.]
A manufactured product has the following information for June.
Standard Quantity and
Cost
Actual Results
Direct materials
7 pounds @ $7 per
pound
63,500
pounds @ $7.10 per
pound
Direct labor
2 DLH @ $16 per DLH
17,800
hours $16.60 per
hour
$
Overhead
2 DLH @ $12 per DLH
221,200
Units manufactured
9,000 units
Compute the (1) direct materials price variance and (2) direct materials quantity variance.
Note: Indicate the effect of each variance by selecting favorable, unfavorable, or no variance.
Round "Cost per unit" answers to 2 decimal places.
AQ Actual Quantity
SQ
Standard Quantity
AP
Actual Price
SP
Standard Price
Actual Cost
Standard Cost](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9603985a-ccaa-4415-aac6-0176c5f8f6b6%2Fdd6119bd-6048-4583-85e8-4197e214c955%2F1ocooo8_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
[The following information applies to the questions displayed below.]
A manufactured product has the following information for June.
Standard Quantity and
Cost
Actual Results
Direct materials
7 pounds @ $7 per
pound
63,500
pounds @ $7.10 per
pound
Direct labor
2 DLH @ $16 per DLH
17,800
hours $16.60 per
hour
$
Overhead
2 DLH @ $12 per DLH
221,200
Units manufactured
9,000 units
Compute the (1) direct materials price variance and (2) direct materials quantity variance.
Note: Indicate the effect of each variance by selecting favorable, unfavorable, or no variance.
Round "Cost per unit" answers to 2 decimal places.
AQ Actual Quantity
SQ
Standard Quantity
AP
Actual Price
SP
Standard Price
Actual Cost
Standard Cost
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