ToolTime has a standard of 1.5 pounds of materials per unit, at P4 per pound. In producing 2,000 units, ToolTime used 3,100 pounds of materials at a total cost of P12,090.   1. ToolTime’s total material variance is Group of answer choices P300 F. P90 U. P310 U. P400 U 2. ToolTime’s materials price variance is Group of answer choices

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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ToolTime has a standard of 1.5 pounds of materials per unit, at P4 per pound. In producing 2,000 units, ToolTime used 3,100 pounds of materials at a total cost of P12,090.

 

1. ToolTime’s total material variance is

Group of answer choices

  1. P300 F.
  2. P90 U.
  3. P310 U.
  4. P400 U

2. ToolTime’s materials price variance is

Group of answer choices

  1. P90 U.
  2. P310 F.
  3. P400 F.
  4. P700 F

3. ToolTime’s materials quantity variance is

Group of answer choices

  1. P90 F.
  2. P310 U.
  3. P400 U.
  4. P700 U.
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