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Standard Direct Materials Cost per Unit from Variance Data The following data relating to direct materials cost for October of the current year are taken from the records of Good Clean Fun Inc., a manufacturer of organic toys: Quantity of direct materials used 7,100 lbs. $5.9 per lb. Actual unit price of direct materials Units of finished product manufactured 3,410 units Standard direct materials per unit of finished product 2 lbs. Direct materials quantity variance-unfavorable Direct materials price variance-favorable $1,680 $710 Determine the standard direct materials cost per unit of finished product, assuming that there was no inventory of work in process at either the beginning or the end of the month. required, round your standard cost per unit answer to two decimal places. Product finished Standard finished product for direct materials used Deficiency of finished product for materials used 3,410 units 3,550 units -140 ✓ units

Standard Direct Materials Cost per Unit from Variance Data The following data relating to direct materials cost for October of the current year are taken from the records of Good Clean Fun Inc., a manufacturer of organic toys: Quantity of direct materials used 7,100 lbs. $5.9 per lb. Actual unit price of direct materials Units of finished product manufactured 3,410 units Standard direct materials per unit of finished product 2 lbs. Direct materials quantity variance-unfavorable Direct materials price variance-favorable $1,680 $710 Determine the standard direct materials cost per unit of finished product, assuming that there was no inventory of work in process at either the beginning or the end of the month. required, round your standard cost per unit answer to two decimal places. Product finished Standard finished product for direct materials used Deficiency of finished product for materials used 3,410 units 3,550 units -140 ✓ units

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Standard Direct Materials Cost per Unit from Variance Data The following data relating to direct materials cost for October of the current year are taken from the records of Good Clean Fun Inc., a manufacturer of organic toys: Quantity of direct materials used 7,100 lbs. $5.9 per lb. Actual unit price of direct materials Units of finished product manufactured 3,410 units Standard direct materials per unit of finished product 2 lbs. Direct materials quantity variance-unfavorable $1,680 Direct materials price variance-favorable $710 Determine the standard direct materials cost per unit of finished product, assuming that there was no inventory of work in process at either the beginning or the end of the month. required, round your standard cost per unit answer to two decimal places. Product finished Standard finished product for direct materials used Deficiency of finished product for materials used Standard cost for direct materials 3,410 units 3,550 ✓ units -140 ✓ units per unit
Transcribed Image Text:Standard Direct Materials Cost per Unit from Variance Data The following data relating to direct materials cost for October of the current year are taken from the records of Good Clean Fun Inc., a manufacturer of organic toys: Quantity of direct materials used 7,100 lbs. $5.9 per lb. Actual unit price of direct materials Units of finished product manufactured 3,410 units Standard direct materials per unit of finished product 2 lbs. Direct materials quantity variance-unfavorable $1,680 Direct materials price variance-favorable $710 Determine the standard direct materials cost per unit of finished product, assuming that there was no inventory of work in process at either the beginning or the end of the month. required, round your standard cost per unit answer to two decimal places. Product finished Standard finished product for direct materials used Deficiency of finished product for materials used Standard cost for direct materials 3,410 units 3,550 ✓ units -140 ✓ units per unit
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