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 $ V Favorable v 900 C. What is the total direct materials cost variance? Total direct materials cost variance 650 V Favorable v D. What if 9,600 pounds were used to make these ladders, what would be the direct materials quantity variance? Direct materials quantity variance Unfavorable E. If there was a $340 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): 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 $ V Favorable v 900 C. What is the total direct materials cost variance? Total direct materials cost variance 650 V Favorable v D. What if 9,600 pounds were used to make these ladders, what would be the direct materials quantity variance? Direct materials quantity variance Unfavorable E. If there was a $340 favorable direct materials price variance, how much did Sitka pay for the 15,400 pounds of material? Amount paid $

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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