SM1 The direct materials and direct labour standards for one bottle of Clean-All spray cleaner are given below:Standard Priceor Rate:$0.34 per millilitre$12.00 per hourDirect materialsDirect labourStandard Quantityor Hours6.0 millilitres0.3 hoursDuring the most recent month, the following activity was recorded:a. 30,000 millilitres of material was purchased at a cost of $0.29 per millilitre.b. All of the material was used to produce 3,480 bottles of Clean-All.c. 775 hours of direct labour time was recorded at a total labour cost of $9,300.Materials price varianceMaterials quantity varianceStandardCostAssume that instead of producing 3,480 bottles of Clean-All during the month, the company produced only 2,000 bottles, using26,000 millilitres of material. (The rest of the material purchased remained in raw materials inventory.)$2.04$3.60Required:Compute the direct materials price and quantity variances for the month. (Indicate the effect of each variance by selecting "F" forfavourable, "U" for unfavourable, and "None" for no effect (i.e., zero variance).)$1,500S 4,080 U

Name: SM1 The direct materials and direct labour standards for one bottle of
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Description: SM1 The direct materials and direct labour standards for one bottle of Clean-All spray cleaner are given below:Standard Priceor Rate:$0.34 per millilitre$12.00 per hourDirect materialsDirect labourStandard Quantityor Hours6.0 millilitres0.3 hoursDuri

Introduction:- Standard costs are estimates of the actual costs in a company’s production process…

Business

Accounting

Required. Compute the direct materials price and quantity variances for the month. (Indicate the effect of each variance by selecting "F" fo favourable, "U" for unfavourable, and "None" for no effect (i.e., zero variance).) Materials price variance Materials quantity variance 1,500 F 4,080 U

Required. Compute the direct materials price and quantity variances for the month. (Indicate the effect of each variance by selecting "F" fo favourable, "U" for unfavourable, and "None" for no effect (i.e., zero variance).) Materials price variance Materials quantity variance 1,500 F 4,080 U

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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