What is Webster’s direct materials price variance? (do not round intermediate calculations, round final answer to the nearest cent)
What is Webster’s direct materials price variance? (do not round intermediate calculations, round final answer to the nearest cent)
Chapter5: Process Costing
Section: Chapter Questions
Problem 3EA: Given the following information, determine the equivalent units of ending work in process for...
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Question
Assume the following information for Webster Company:
Beginning Raw Materials Inventory (Quantity):
|
200 items
|
Budgeted Ending Raw Materials Inventory (Quantity):
|
200 items
|
Budgeted direct materials (Purchased):
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$7,000
|
Standard quantity of direct materials per unit:
|
20 items
|
Budgeted production:
|
100 units
|
Actual Ending Raw Materials Inventory (Quantity):
|
175 items
|
Actual direct materials costs (Purchased):
|
$7,500
|
Actual quantity of direct materials used per unit:
|
19 items
|
Actual production:
|
150 units
|
What is Webster’s direct materials price variance? (do not round intermediate calculations, round final answer to the nearest cent)
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