The following company information is available: Direct materials used for production Standard quantity for units produced 726 pounds 778 pounds Standard cost per pound of direct material $48.70 Actual cost per pound of direct material The direct materials quantity variance is: a. $1,960.40 favorable. b. $2,532.40 unfavorable. c. $572.20 favorable. d. $1,960.40 unfavorable. e. $2,532.40 favorable. $51.40

The following company information is available: Direct materials used for production Standard quantity for units produced 726 pounds 778 pounds Standard cost per pound of direct material $48.70 Actual cost per pound of direct material The direct materials quantity variance is: a. $1,960.40 favorable. b. $2,532.40 unfavorable. c. $572.20 favorable. d. $1,960.40 unfavorable. e. $2,532.40 favorable. $51.40

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter9: Evaluating Variances From Standard Costs

Section: Chapter Questions

Problem 7E: H.J. Heinz Company uses standards to control its materials costs. Assume that a batch of ketchup...

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H.J. Heinz Company uses standards to control its materials costs. Assume that a batch of ketchup (7,650 pounds) has the following standards: The actual materials in a batch may vary from the standard due to tomato characteristics. Assume that the actual quantities of materials for batch 08-99 were as follows: a. Determine the standard unit materials cost per pound for a standard batch. b. Determine the direct materials quantity variance for batch 08-99.
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