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The following data relate to the direct materials cost for the production of 2,300 automobile tires: Actual: 62,600 lbs. at $1.75 $109,550 Standard: 61,300 lbs. at $1.8 $110,340 Determine the direct materials price variance, direct materials quantity variance, and total direct materials cost variance.

The following data relate to the direct materials cost for the production of 2,300 automobile tires: Actual: 62,600 lbs. at $1.75 $109,550 Standard: 61,300 lbs. at $1.8 $110,340 Determine the direct materials price variance, direct materials quantity variance, and total direct materials cost variance.

FINANCIAL ACCOUNTING
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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The following data relate to the direct materials cost for the production of 2,300 automobile tires: Actual: 62,600 lbs. at $1.75 $109,550 Standard: 61,300 lbs. at $1.8 $110,340 Determine the direct materials price variance, direct materials quantity variance, and total direct materials cost variance.
Transcribed Image Text:The following data relate to the direct materials cost for the production of 2,300 automobile tires: Actual: 62,600 lbs. at $1.75 $109,550 Standard: 61,300 lbs. at $1.8 $110,340 Determine the direct materials price variance, direct materials quantity variance, and total direct materials cost variance.
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