The standard direct material cost per unit for Willis Group was $180 (= $45 per gallon x 4 gallons per unit). During the period, actual direct materials costs amounted to $2,406,390, materials used totaled 55,510 gallons, and 13,340 units were produced. Required: Compute the direct materials price and efficiency variances for the period. Note: Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option. Price variance Efficiency variance

The standard direct material cost per unit for Willis Group was $180 (= $45 per gallon x 4 gallons per unit). During the period, actual direct materials costs amounted to $2,406,390, materials used totaled 55,510 gallons, and 13,340 units were produced. Required: Compute the direct materials price and efficiency variances for the period. Note: Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option. Price variance Efficiency variance

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Description: The standard direct material cost per unit for Willis Group was $180 (= $45 per gallon x 4 gallons per unit). During the period, actualdirect materials costs amounted to $2,406,390, materials used totaled 55,510 gallons, and 13,340 units were produc

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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