Standard Direct Materials Cost per Unit from Variance DataThe following data relating to direct materials cost for October ofthe current year are taken from the records of Good Clean FunInc., a manufacturer of organic toys:Quantity of direct materials usedActual unit price of direct materialsUnits of finished product manufacturedStandard direct materials per unit of finishedproductDirect materials quantity variance-unfavorableDirect materials price variance-favorable7,000 lbs.$5.60 perlb.3,360 units2 lbs.$1,596$700Determine the standard direct materials cost per unit of finishedproduct, assuming that there was no inventory of work in processat either the beginning or the end of the month. If required,round your standard cost per unit answer to two decimalplaces.Product finishedStandard finished product for direct materials usedDeficiency of finished product for materials usedStandard cost for direct materials0000unitsunitsunitsper ui

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Description: Standard Direct Materials Cost per Unit from Variance DataThe following data relating to direct materials cost for October ofthe current year are taken from the records of Good Clean FunInc., a manufacturer of organic toys:Quantity of direct materia

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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 Actual unit price of direct materials Units of finished product manufactured Standard direct materials per unit of finished product 7,000 lbs. $5.60 per lb. 3,360 units 2 lbs. Direct materials quantity variance-unfavorable Direct materials price variance-favorable 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. Product finished Standard finished product for direct materials used Deficiency of finished product for materials used Standard cost for direct materials $1,596 $700 0000 un un un pe

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 Actual unit price of direct materials Units of finished product manufactured Standard direct materials per unit of finished product 7,000 lbs. $5.60 per lb. 3,360 units 2 lbs. Direct materials quantity variance-unfavorable Direct materials price variance-favorable 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. Product finished Standard finished product for direct materials used Deficiency of finished product for materials used Standard cost for direct materials $1,596 $700 0000 un un un pe

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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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 6,700 lb. Actual unit price of direct materials $5.60 per Ib. Units of finished product manufactured 3,220 units Standard direct materials per unit of finished product 2 lb. Direct materials quantity variance-unfavorable $1,482 Direct materials price variance-unfavorable $670 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 units Standard finished product for direct materials used units Deficiency of finished product for materials used units Standard cost for direct materials per unit
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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 3,900 Ibs. Actual unit price of direct materials $4.30 per Ib. Units of finished product manufactured 935 units Standard direct materials per unit of finished product 4 Ibs. Direct materials quantity variance-unfavorable $704 Direct materials price variance-favorable $390 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. Product finished units Standard finished product for direct materials used units Deficiency of finished product for materials used units Standard cost for direct materials per unit
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Performance Eval Variances: Refer to the picture. Thanks!
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