The following data relating to direct materials cost for October of thecurrent year are taken from the records of Good Clean Fun Inc., amanufacturer of organic toys:Quantity of direct materials used3,400 lbs.Actual unit price of direct materials$5.1 per lb.Units of finished product manufactured820 unitsStandard direct materials per unit of finished product4 lbs.Direct materials quantity variance-unfavorable$ 636Direct materials price variance-favorable$ 680Determine the standard direct materials cost per unit of the finishedproduct, assuming that there was no inventory of work in process ateither the beginning or the end of the month.

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Answered: The following data relating to direct…

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 6E: Standard direct materials cost per unit from variance data The following data relating to direct...

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Standard direct materials cost per unit from variance data The following data relating to direct materials cost for October of the current year are taken from the records of Good Clean Fun Inc., a manufacturer of organic toys: Determine the standard direct materials cost per unit of finished product, assuming that there was no inventory of work in process at either the beginning or the end of the month.
The following data relating to direct materials cost for October of the current year are taken from the records of Good Clean Fun Inc., a manufacturer of organic toys: Line Item Description Value Quantity of direct materials used 5,700 lbs. Actual unit price of direct materials $3.40 per lb. Units of finished product manufactured 1,365 units Standard direct materials per unit of finished product 4 lbs. Direct materials quantity variance—unfavorable $840 Direct materials price variance—favorable $570 Determine the standard direct materials cost per unit of finished product, assuming that there was no inventory of work in process at either the beginning or the end of the month. If required, round your standard cost per unit answer to two decimal places. Line Item Description Unit Product finished fill in the blank 1 units Standard finished product for direct materials used fill in the blank 2 units Deficiency of finished product for materials used fill…
The following data relating to direct materials cost for October of the current year are taken from the records of Good Clean Fun Inc., a manufacturer of organic toys: Quantity of direct materials used 5,300 lb. Actual unit price of direct materials $5.70 per lb. Units of finished product manufactured 2,540 units Standard direct materials per unit of finished product 2 lb. Direct materials quantity variance—unfavorable $1,276 Direct materials price variance—unfavorable $530 Determine the standard direct materials cost per unit of finished product, assuming that there was no inventory of work in process at either the beginning or end of the month. If required, round your standard cost per unit answer to two decimal places. Product finished fill in the blank 1 units Standard finished product for direct materials used fill in the blank 2 units Deficiency of finished product for materials used fill in the blank 3 units Standard cost for direct materials $fill in…
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eBook Show Me How Standard Direct Materials Cost per Unit from Variance Data The following data relating to direct materials cost for October of the current year are taken from the records of Good Clean Fun Inc., organic toys: Quantity of direct materials used 6,000 lbs. Actual unit price of direct materials $6 per Ib. Units of finished product manufactured 2,880 units Standard direct materials per unit of finished product 2 lbs. Direct materials quantity variance-unfavorable $1,488 Direct materlals price variance-favorable $1,200 Determine the standard direct materials cost per unit of finished product, assuming that there was no inventory of work in process at eitH beginning or the end of the month. If required, round your standard cost per unit answer to two decimal places. Product finished V units Standard finished product for direct materials used |X units Deficiency of finished product for materials used Xunits Standard cost for direct materials I x Xper unit Feedback icheck My…
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Standard Direct Materials Cost per Unit from Variance Data The following data relating to direct materials cost for October of the current year are taken from the records of Good Clean Fun Inc., a manufacturer of organic toys: Quantity of direct materials used 5,000 lb. Actual unit price of direct materials $5.20 per lb. Units of finished product manufactured 2,400 units Standard direct materials per unit of finished product 2 lb. Direct materials quantity variance—unfavorable $1,080 Direct materials price variance—unfavorable $1,000 Determine the standard direct materials cost per unit of finished product, assuming that there was no inventory of work in process at either the beginning or end of the month. If required, round your standard cost per unit answer to two decimal places. Product finished fill in the blank 1 units Standard finished product for direct materials used fill in the blank 2 units Deficiency of finished product for materials used fill in the…
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Matt Company uses a standard cost system. Information for raw materials for Product RBI for the month of October is as follows: P1.60 Standard unit price P1.55 2,000 units Actual purchase price per unit Actual quantity purchased Actual quantity used 1,900 units 1,800 units Standard quantity allowed for actual production What is the materials purchase price variance?

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