Sheffield Company budgeted the following cost standards for the current year: Direct materials (2 kg of plastic at $5.00 per kilogram) Direct labour (2 hours at $11 per hour) Variable manufacturing overhead Fixed manufacturing overhead Total standard cost per unit Actual costs for producing 2,650 units were as follows: Direct materials used Direct materials purchased (6,710 kg) Direct labour (6,850 hours) Variable manufacturing costs Fixed manufacturing costs (a) Materials price variance 5.600 k $ $32,879 $62,335 $32,000 $17,100 Calculate the materials price variance for materials purchased. (Round per unit calculations to 2 decimal places, eg 1.25 and final answers to O decimal places, e.g. 125.) $10.00 22.00 11.05 7.25 $50.30

Sheffield Company budgeted the following cost standards for the current year: Direct materials (2 kg of plastic at $5.00 per kilogram) Direct labour (2 hours at $11 per hour) Variable manufacturing overhead Fixed manufacturing overhead Total standard cost per unit Actual costs for producing 2,650 units were as follows: Direct materials used Direct materials purchased (6,710 kg) Direct labour (6,850 hours) Variable manufacturing costs Fixed manufacturing costs (a) Materials price variance 5.600 k $ $32,879 $62,335 $32,000 $17,100 Calculate the materials price variance for materials purchased. (Round per unit calculations to 2 decimal places, eg 1.25 and final answers to O decimal places, e.g. 125.) $10.00 22.00 11.05 7.25 $50.30

Name: hh Sheffield Company budgeted the following cost standards for the cur
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Description: hh Sheffield Company budgeted the following cost standards for the current year:Direct materials (2 kg of plastic at $5.00 per kilogram)Direct labour (2 hours at $11 per hour)Variable manufacturing overheadFixed manufacturing overheadTotal standard c

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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