The standard materials cost of TimberCraft's product is $60 per unit, based on 15 pounds of raw materials at a standard cost of $4 per pound. During March 20X9, 2,000 units of product were produced, using 30,800 pounds of raw material at a cost of $4.50 per pound. a) The standard cost for materials for March 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 TimberCraft's product is $60 per unit, based on 15 pounds of raw materials at a standard cost of $4 per pound. During March 20X9, 2,000 units of product were produced, using 30,800 pounds of raw material at a cost of $4.50 per pound. a) The standard cost for materials for March is __. b) The total materials variance for the month is __. c) The materials quantity variance is __. d) The materials price variance is __.
Chapter8: Standard Costs And Variances
Section: Chapter Questions
Problem 6PB: Corolla Manufacturing has a standard cost for steel of $20 per pound for a product that uses 4...
Related questions
Question
The standard materials cost of TimberCraft's product is $60 per unit, based on 15 pounds of raw materials at a standard cost of $4 per pound. During March 20X9, 2,000 units of product were produced, using 30,800 pounds of raw material at a cost of $4.50 per pound. a) The standard cost for materials for March is __. b) The total materials variance for the month is __. c) The materials quantity variance is __. d) The materials price variance is __.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Recommended textbooks for you
Principles of Accounting Volume 2
Accounting
ISBN:
9781947172609
Author:
OpenStax
Publisher:
OpenStax College
Cornerstones of Cost Management (Cornerstones Ser…
Accounting
ISBN:
9781305970663
Author:
Don R. Hansen, Maryanne M. Mowen
Publisher:
Cengage Learning
Managerial Accounting
Accounting
ISBN:
9781337912020
Author:
Carl Warren, Ph.d. Cma William B. Tayler
Publisher:
South-Western College Pub
Principles of Accounting Volume 2
Accounting
ISBN:
9781947172609
Author:
OpenStax
Publisher:
OpenStax College
Cornerstones of Cost Management (Cornerstones Ser…
Accounting
ISBN:
9781305970663
Author:
Don R. Hansen, Maryanne M. Mowen
Publisher:
Cengage Learning
Managerial Accounting
Accounting
ISBN:
9781337912020
Author:
Carl Warren, Ph.d. Cma William B. Tayler
Publisher:
South-Western College Pub
Managerial Accounting: The Cornerstone of Busines…
Accounting
ISBN:
9781337115773
Author:
Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:
Cengage Learning
Principles of Cost Accounting
Accounting
ISBN:
9781305087408
Author:
Edward J. Vanderbeck, Maria R. Mitchell
Publisher:
Cengage Learning
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,