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Turn to Stone, Inc. manufactures statues of pop culture icons. All statues are the same size and require the same amount of resources. At the beginning of the year, the following standards were set: standard direct material cost ... $80 per statue standard material input ratio . .. 10 pounds per statue During the year, 4,800 statues were produced, using 48,240 pounds of material that were purchased during the year at a total cost of $385,920. By how much did the actual direct material cost per statue differ from expected direct material cost per statue? O A. The actual cost per unit was $0.05 lower than the expected cost per unit. B. The actual cost per unit was $0.05 higher than the expected cost per unit. O c. The actual cost per unit was $0.03 lower than the expected cost per unit. D. The actual cost per unit was $0.40 higher than the expected cost per unit. O E. The actual cost per unit equalled the expected cost per unit.

Turn to Stone, Inc. manufactures statues of pop culture icons. All statues are the same size and require the same amount of resources. At the beginning of the year, the following standards were set: standard direct material cost ... $80 per statue standard material input ratio . .. 10 pounds per statue During the year, 4,800 statues were produced, using 48,240 pounds of material that were purchased during the year at a total cost of $385,920. By how much did the actual direct material cost per statue differ from expected direct material cost per statue? O A. The actual cost per unit was $0.05 lower than the expected cost per unit. B. The actual cost per unit was $0.05 higher than the expected cost per unit. O c. The actual cost per unit was $0.03 lower than the expected cost per unit. D. The actual cost per unit was $0.40 higher than the expected cost per unit. O E. The actual cost per unit equalled the expected cost per unit.

FINANCIAL ACCOUNTING
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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Turn to Stone, Inc. manufactures statues of pop culture icons. All statues are the same size and require the same amount of resources. At the beginning of the year, the following standards were set: standard direct material cost ... $80 per statue standard material input ratio ... 10 pounds per statue During the year, 4,800 statues were produced, using 48,240 pounds of material that were purchased during the year at a total cost of $385,920. By how much did the actual direct material cost per statue differ from expected direct material cost per statue? A. The actual cost per unit was $0.05 lower than the expected cost per unit. B. The actual cost per unit was $0.05 higher than the expected cost per unit. C. The actual cost per unit was $0.03 lower than the expected cost per unit. D. The actual cost per unit was $0.40 higher than the expected cost per unit. E. The actual cost per unit equalled the expected cost per unit.
Transcribed Image Text:Turn to Stone, Inc. manufactures statues of pop culture icons. All statues are the same size and require the same amount of resources. At the beginning of the year, the following standards were set: standard direct material cost ... $80 per statue standard material input ratio ... 10 pounds per statue During the year, 4,800 statues were produced, using 48,240 pounds of material that were purchased during the year at a total cost of $385,920. By how much did the actual direct material cost per statue differ from expected direct material cost per statue? A. The actual cost per unit was $0.05 lower than the expected cost per unit. B. The actual cost per unit was $0.05 higher than the expected cost per unit. C. The actual cost per unit was $0.03 lower than the expected cost per unit. D. The actual cost per unit was $0.40 higher than the expected cost per unit. E. The actual cost per unit equalled the expected cost per unit.
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