The Smith Company uses standard costing. The following data are available for October: ⚫ Actual quantity of direct materials purchased: 25,000 pounds Standard price of direct materials: $8 per pound • ⚫ Material price variance: $5,000 unfavorable ⚫ Material quantity variance: $1,500 favorable What is the actual price per pound of direct materials purchased in October?

The Smith Company uses standard costing. The following data are available for October: ⚫ Actual quantity of direct materials purchased: 25,000 pounds Standard price of direct materials: $8 per pound • ⚫ Material price variance: $5,000 unfavorable ⚫ Material quantity variance: $1,500 favorable What is the actual price per pound of direct materials purchased in October?

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter8: Budgeting For Planning And Control

Section: Chapter Questions

Problem 14CE: Refer to Cornerstone Exercise 8.13. In March, Nashler Company produced 163,200 units and had the...

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Refer to Cornerstone Exercise 8.13. In March, Nashler Company produced 163,200 units and had the following actual costs: Required: 1. Prepare a performance report for Nashler Company comparing actual costs with the flexible budget for actual units produced. 2. What if Nashler Companys actual direct materials cost were 1,175,040? How would that affect the variance for direct materials? The total cost variance?
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