Standard Materials Cost The controller at your shoemaking company has determined that under normal conditions, you will spend $8.40 per unit of materials, and it will take 2.6 units of material per pair of shoes. Given this information, calculate the standard cost of materials per pair of shoes. If require, round the standard cost per pair of shoes to the nearest cent. Standard Price Manufacturing Costs per Unit of Material x Direct Materials 8.40 per unit Feedback Manufacturing Costs Direct Materials Check My Work Use the standard price and standard materials values shown to compute the standard cost per pair Feedback Actual Materials Cost During July, your shoemaking company incurred actual direct materials costs of $62,211 for 6.990 units of direct materials in the production of 2.175 pairs of shoes. Given this information, calculate the actual cost of materials per unit. If require, round the actual cost of materials per unit to the nearest cent. Actual Total Cost Actual Materials of Materials 1 Used Actual Cost per Unit 6.990 units Actual Materials 6,990 ✔ $62,211 ✔ x X Check My Work Use the actual total cost of materials and actual materials used as shown to compute the actual cost per unit of materials Standard Materials per Pair 2.6 units APPLY THE CONCEPTS: Conduct the Direct Materials Cost Variance Analysis Complete the following graphic to compute the direct materials price variance, the direct materials quantity variance, and the total direct materials cost variance for your shoe-making business. When required, enter the rates as dollars and cents. If required, use the minus sign to indicate a negative value. Illustrated Example: Calculating Direct Materials Cost Variance Actual Cost Actual Rate 8.9 ✔ = 62,211 ✔ Actual Materials Standard Cost per Pair 6,990 ✔ 21.84 ✔ x . 8.9 V Standard Rate 5,655 X Standard Cost Standard Materials X Standard Rate 8.4 ✔
Standard Materials Cost The controller at your shoemaking company has determined that under normal conditions, you will spend $8.40 per unit of materials, and it will take 2.6 units of material per pair of shoes. Given this information, calculate the standard cost of materials per pair of shoes. If require, round the standard cost per pair of shoes to the nearest cent. Standard Price Manufacturing Costs per Unit of Material x Direct Materials 8.40 per unit Feedback Manufacturing Costs Direct Materials Check My Work Use the standard price and standard materials values shown to compute the standard cost per pair Feedback Actual Materials Cost During July, your shoemaking company incurred actual direct materials costs of $62,211 for 6.990 units of direct materials in the production of 2.175 pairs of shoes. Given this information, calculate the actual cost of materials per unit. If require, round the actual cost of materials per unit to the nearest cent. Actual Total Cost Actual Materials of Materials 1 Used Actual Cost per Unit 6.990 units Actual Materials 6,990 ✔ $62,211 ✔ x X Check My Work Use the actual total cost of materials and actual materials used as shown to compute the actual cost per unit of materials Standard Materials per Pair 2.6 units APPLY THE CONCEPTS: Conduct the Direct Materials Cost Variance Analysis Complete the following graphic to compute the direct materials price variance, the direct materials quantity variance, and the total direct materials cost variance for your shoe-making business. When required, enter the rates as dollars and cents. If required, use the minus sign to indicate a negative value. Illustrated Example: Calculating Direct Materials Cost Variance Actual Cost Actual Rate 8.9 ✔ = 62,211 ✔ Actual Materials Standard Cost per Pair 6,990 ✔ 21.84 ✔ x . 8.9 V Standard Rate 5,655 X Standard Cost Standard Materials X Standard Rate 8.4 ✔
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Standard Materials Cost
The controller at your shoemaking company has determined that under normal conditions, you will spend $8.40 per unit of materials, and it will take 2.6 units of material per pair of shoes. Given this information, calculate the standard cost of materials per pair of shoes. If require, round the standard cost per pair of shoes to
the nearest cent.
Manufacturing Costs
Direct Materials
Feedback
Check My Work
Manufacturing Costs
Direct Materials
Feedback.
Use the standard price and standard materials values shown to compute the standard cost per pair.
Standard Price
per Unit of Material x
8.40✔ per unit
Actual Materials Cost
During July, your shoemaking company incurred actual direct materials costs of $62,211 for 6,990 units of direct materials in the production of 2,175 pairs of shoes. Given this information, calculate the actual cost of materials per unit. If require, round the actual cost of materials per unit to the nearest cent.
Actual Total Cost
Actual Materials
Actual Cost
of Materials 1
Used
per Unit
62,211 ✔
Actual Materials
6,990
Chack Mr Work
My
Actual Cost
Standard Materials
per Pair
2.6 ✔ units
Actual Rate
8.9 ✔
▼Check My Work
Use the actual total cost of materials and actual materials used as shown to compute the actual cost per unit of materials
62,211 ✓
6,990
APPLY THE CONCEPTS: Conduct the Direct Materials Cost Variance Analysis
Complete the following graphic to compute the direct materials price variance, the direct materials quantity variance, and the total direct materials cost variance for your shoe-making business. When required, enter the rates as dollars and cents. If required, use the minus sign to indicate a negative value.
Illustrated Example: Calculating Direct Materials Cost
Variance
I
✓ units
=
Standard Cost
per Pair
Actual Materials
21.84 ✓
=
6,990 ✓
8.9 ✓
Standard Rate
5,655 X
Standard Cost
Standard Materials
X
Standard Rate
8.4 ✓
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