E. If there was a $350 favorable direct materials price variance, how much did Sitka pay for the 15,400 pounds of material?Amount paid $ Sitka Industries uses a cost system that carries direct materials inventory at a standard cost. The controller has established these standards for one ladder (unit):StandardStandardStandardQuantityPriceCostDirect materials3 pounds$4.40 per pound$13.20Direct labor2.00 hours12.00 per hour24.00Total cost$37.20Sitka Industries made 2,900 ladders in July and used 8,500 pounds of material to make these units. Sitka Industries bought 15,400 pounds of material in the currentperiod. There was a $250 unfavorable direct materials price variance.Enter all amounts as positive numbers.A. How much in total did Sitka pay for the 15,400 pounds?Amount paid $B. What is the direct materials quantity variance?Direct materials quantity variance $Favorable vC. What is the total direct materials cost variance?Total direct materials cost variance $Favorable vD. What if 9,300 pounds were used to make these ladders, what would be the direct materials quantity variance?Direct materials quantity variance $Unfavorable v

Name: E. If there was a $350 favorable direct materials price variance, how
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Description: E. If there was a $350 favorable direct materials price variance, how much did Sitka pay for the 15,400 pounds of material?Amount paid $ Sitka Industries uses a cost system that carries direct materials inventory at a standard cost. The controller h

Solution: (A). Direct Materials Price Variance = $250 Unfavorable…

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Accounting

Sitka Industries uses a cost system that carries direct materials inventory at a standard cost. The controller has established these standards one ladder (unit): Standard Standard Standard Quantity Price Cost Direct materials 3 pounds $4.40 per pound $13.20 Direct labor 2.00 hours 12.00 per hour 24.00 Total cost $37.20

Sitka Industries uses a cost system that carries direct materials inventory at a standard cost. The controller has established these standards one ladder (unit): Standard Standard Standard Quantity Price Cost Direct materials 3 pounds $4.40 per pound $13.20 Direct labor 2.00 hours 12.00 per hour 24.00 Total cost $37.20

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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Ises A Cost Syste X C Acme Inc. Has The Following Info x C Dog Bone Bakery, Which Bakes D x ment/takeAssignmentMain.do?invoker &takeAssignmentSessionLocator=&inprogress=false еВook Sitka Industries uses a cost system that carries direct materials inventory at a standard cost. The controller has established these standards for one ladder (unit): Standard Standard Standard Quantity Price Cost Direct materials 3 pounds $4.50 per pound $13.50 Direct labor 2.00 hours 12.00 per hour 24.00 Total cost $37.50 Sitka Industries made 3,000 ladders in July and used 8,800 pounds of material to make these units. Sitka Industries bought 15,400 pounds of material in the current period. There was a $250 unfavorable direct materials price variance. Enter all amounts as positive numbers. A. How much in total did Sitka pay for the 15,400 pounds? Amount paid $ 69,550 V B. What is the direct materials quantity variance? Direct materials quantity variance $ 900 V Favorable v C. What is the total direct…