Steinberg Company had the following direct mate Actual purchase price per pound of direct Standard direct materials allowed for unit
Process Costing
Process costing is a sort of operation costing which is employed to determine the value of a product at each process or stage of producing process, applicable where goods produced from a series of continuous operations or procedure.
Job Costing
Job costing is adhesive costs of each and every job involved in the production processes. It is an accounting measure. It is a method which determines the cost of specific jobs, which are performed according to the consumer’s specifications. Job costing is possible only in businesses where the production is done as per the customer’s requirement. For example, some customers order to manufacture furniture as per their needs.
ABC Costing
Cost Accounting is a form of managerial accounting that helps the company in assessing the total variable cost so as to compute the cost of production. Cost accounting is generally used by the management so as to ensure better decision-making. In comparison to financial accounting, cost accounting has to follow a set standard ad can be used flexibly by the management as per their needs. The types of Cost Accounting include – Lean Accounting, Standard Costing, Marginal Costing and Activity Based Costing.
![Steinberg Company had the following direct materials costs for the manufacturing of product T in March:
Actual purchase price per pound of direct materials
Standard direct materials allowed for units of product T produced
Decrease in direct materials inventory
Direct materials used in production
Standard price per pound of material
$ 8.90
3,500 po
240 po
3,700 po
$ 8.65
Required:
1. What was Steinberg's direct materials purchase-price variance and its direct materials usage variance for
March? Indicate whether each variance was favorable (F) or unfavorable (U).
2. Prepare the appropriate journal entries for March.
Complete this question by entering your answers in the tabs below.
Complete this question by entering your answers in the tabs below.
Required 1
Required 2
What was Steinberg's direct materials purchase-price variance and its direct materials usage variance for March? Indicate whethe
variance was favorable (F) or unfavorable (U). (Do not round intermediate calculations. Round your answers to the nearest whole
Direct materials purchase-price variance
Direct materials usage variance
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