The standard materials cost of a product is $40 per unit, based on 10 pounds of raw materials at a standard cost of $4 per pound. During January 20X9, 1,000 units of product were produced, using10,200 pounds of raw material at a cost of $4.20 per pound. a) The standard cost for materials for January is b) The total materials variance for the month is c) The materials quantity variance is d) The materials price variance is

The standard materials cost of a product is $40 per unit, based on 10 pounds of raw materials at a standard cost of $4 per pound. During January 20X9, 1,000 units of product were produced, using10,200 pounds of raw material at a cost of $4.20 per pound. a) The standard cost for materials for January is b) The total materials variance for the month is c) The materials quantity variance is d) The materials price variance is

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter8: Standard Costs And Variances

Section: Chapter Questions

Problem 5EB: Smith Industries uses a cost system that carries direct materials inventory at a standard cost. The...

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