The following materials standards have been established for a particular product: Standard quantity per unit of output Standard price 4.5 meters $18.80 per meter The following data pertain to operations concerning the product for the last month: Actual materials purchased Actual cost of materials purchased Actual materials used in production Actual output What is the materials price variance for the month? Multiple Choice O $14,840 U $8,700 U $5,558 U $8,400 U 8,000 meters $ 158,800 7,300 meters 1,560 units

The following materials standards have been established for a particular product: Standard quantity per unit of output Standard price 4.5 meters $18.80 per meter The following data pertain to operations concerning the product for the last month: Actual materials purchased Actual cost of materials purchased Actual materials used in production Actual output What is the materials price variance for the month? Multiple Choice O $14,840 U $8,700 U $5,558 U $8,400 U 8,000 meters $ 158,800 7,300 meters 1,560 units

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Description: The following materials standards have been established for a particular product:Standard quantity per unit of outputStandard price4.5 meters$18.80 per meterThe following data pertain to operations concerning the product for the last month:Actual ma

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Concept explainers

Variance Analysis

In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance.

Standard Costing

The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.

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Question

The following materials standards have been established for a particular product:
Standard quantity per unit of output
Standard price
4.5 meters
$18.80 per meter
The following data pertain to operations concerning the product for the last month:
Actual materials purchased
Actual cost of materials purchased
Actual materials used in production
Actual output
What is the materials price variance for the month?
Multiple Choice
$14,840 U
$8,700 U
$5,558 U
$8,400 U
8,000 meters
$ 158,800
7,300 meters
1,560 units

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