The following materials standards have been established for a particular product: Standard quantity per unit of output 4.3 meters $18.60 per meter Standard price The following data pertain to operations concerning the product for the last month: Actual materials purchased Actual cost of materials 7,100 meters $138,805 purchased Actual materials used in 6,600 meters production Actual output 1,500 units What is the materials price variance for the month? Multiple Choice $2,933 U • $6,745 U $7,600 U $12,345 U
The following materials standards have been established for a particular product: Standard quantity per unit of output 4.3 meters $18.60 per meter Standard price The following data pertain to operations concerning the product for the last month: Actual materials purchased Actual cost of materials 7,100 meters $138,805 purchased Actual materials used in 6,600 meters production Actual output 1,500 units What is the materials price variance for the month? Multiple Choice $2,933 U • $6,745 U $7,600 U $12,345 U
Principles of Cost Accounting
17th Edition
ISBN:9781305087408
Author:Edward J. Vanderbeck, Maria R. Mitchell
Publisher:Edward J. Vanderbeck, Maria R. Mitchell
Chapter8: Standard Cost Accounting—materials, Labor, And Factory Overhead
Section: Chapter Questions
Problem 11E: Making journal entries Assume that during the month of April the production report of Algonquin...
Related questions
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.
Topic Video
Question
![The following materials standards have been
established for a particular product:
Standard quantity per unit of
output
4.3
meters
Standard price
per
meter
$18.60
The following data pertain to operations
concerning the product for the last month:
Actual materials purchased
Actual cost of materials
7,100
meters
$138,805
purchased
Actual materials used in
6,600
meters
production
Actual output
What is the materials price variance for the
month?
1,500
units
Multiple Choice
$2,933 U
$6,745 U
$7,600 U
$12,345 U](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F60d908e3-7737-448d-9181-461c6eb98155%2Fe4878ef5-d65d-4a54-9677-368aa04f3a9c%2Fn8m9rji_processed.jpeg&w=3840&q=75)
Transcribed Image Text:The following materials standards have been
established for a particular product:
Standard quantity per unit of
output
4.3
meters
Standard price
per
meter
$18.60
The following data pertain to operations
concerning the product for the last month:
Actual materials purchased
Actual cost of materials
7,100
meters
$138,805
purchased
Actual materials used in
6,600
meters
production
Actual output
What is the materials price variance for the
month?
1,500
units
Multiple Choice
$2,933 U
$6,745 U
$7,600 U
$12,345 U
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
![Principles of Cost Accounting](https://www.bartleby.com/isbn_cover_images/9781305087408/9781305087408_smallCoverImage.gif)
Principles of Cost Accounting
Accounting
ISBN:
9781305087408
Author:
Edward J. Vanderbeck, Maria R. Mitchell
Publisher:
Cengage Learning
![Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781337912020/9781337912020_smallCoverImage.jpg)
Managerial Accounting
Accounting
ISBN:
9781337912020
Author:
Carl Warren, Ph.d. Cma William B. Tayler
Publisher:
South-Western College Pub
![Principles of Cost Accounting](https://www.bartleby.com/isbn_cover_images/9781305087408/9781305087408_smallCoverImage.gif)
Principles of Cost Accounting
Accounting
ISBN:
9781305087408
Author:
Edward J. Vanderbeck, Maria R. Mitchell
Publisher:
Cengage Learning
![Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781337912020/9781337912020_smallCoverImage.jpg)
Managerial Accounting
Accounting
ISBN:
9781337912020
Author:
Carl Warren, Ph.d. Cma William B. Tayler
Publisher:
South-Western College Pub