Answered: The actual materials price (AP) was…

The actual materials price (AP) was £4.50, the actual quantity (AQ) of material was 5,500 units, and the materials price variance was £2,270 unfavourable. The standard materials price (SP) was?

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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Question

The actual materials price (AP) was £4.50, the actual quantity (AQ) of material was 5,500 units, and the materials

price variance was £2,270 unfavourable. The standard materials price (SP) was?

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A company reports the following for one of its products. Direct materials standard (4 pounds @ $2 per pound) Actual direct materials used (AQ) Actual units produced Actual cost of direct materials used AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price Actual Cost Compute the direct materials price and quantity variances and identify each as favorable or unfavorable. X X X $ 8 per unit 340,000 pounds 72,000 units X $ 612,000 Standard Cost X X
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Hw.44.
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