Correct Answer The standard materials cost to produce 1unit of Product T is 8 pounds of materialat a standard price of $45 per pound. Inmanufacturing 4,200 units, 33,600pounds of material were used at a costof $47 per pound. What is the total directmaterials cost variance?

Concept of Standard CostingStandard costing is a cost accounting method where businesses set…

Answered: The standard materials cost to produce…

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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The standard materials cost to produce 1 unit of Product R is 6 pounds of material at a standard price of $44 per pound. In manufacturing 6,600 units, 37,500 pounds of material were used at a cost of $46 per pound. What is the direct materials quantity variance?
Assume the following: • The standard price per pound is $3.00. • The actual quantity of materials purchased is 60,000 pounds. • The actual quantity of materials used in production is 62,000 pounds. • The actual purchase price per pound of materials was $3.10. What is the materials price variance? Multiple Choice O O $6,000 F $6,200 F $6,000 U $6,200 U
What is the total direct material cost variance?
What is the total direct materials cost variance?
Based on the following information, calculate the direct materials price variance. Actual costs 3,590 pounds at $8.00 Standard costs 4,100 pounds at $6.00
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The actual cost of direct materials is $48.25 per pound, while the standard cost per pound is $50.75. During the current period, 4,800 pounds were used in production. What is the direct materials price variance?

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The standard materials cost to produce 1 unit of Product T is 8 pounds of material at a standard price of $45 per pound. In manufacturing 4,200 units, 33,600 pounds of material were used at a cost of $47 per pound. What is the total direct materials cost variance?