The standard materials cost to produce 1 unit of Product X is 3 pounds at $35 per pound. In producing 10,000 units, 29,000 pounds were used at $37 per pound. Calculate the total direct materials cost variance.

The standard materials cost to produce 1 unit of Product X is 3 pounds at $35 per pound. In producing 10,000 units, 29,000 pounds were used at $37 per pound. Calculate the total direct materials cost variance.

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 solve this accounting questions

The standard materials cost to produce 1 unit of Product X is
3 pounds at $35 per pound. In producing 10,000 units, 29,000
pounds were used at $37 per pound. Calculate the total
direct materials cost variance.

Definition Definition System of assigning an estimated cost to the product (instead of the actual cost) so that the product cost can be determined well in advance and the pricing of the product can be done on time. Since the actual cost cannot be predicted at the initial stage of the production process, the estimated cost is recorded in the books. Any deviation of the estimated cost of the actual cost is adjusted in the books at the end of the period.

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