Chapter 1, Problem 6DQ

Ans

The total direct material cost variance?

Financial accounting

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Morrison Industries manufactures wood polish. The standard direct materials quantity is 0.60 pounds per bottle at a cost of $2.50 per pound. The actual usage for the production of 40,000 bottles was 0.65 pounds per bottle at an actual cost of $2.45 per pound. Calculate the direct materials price variance and the direct materials quantity variance.

What was the direct materials price variance?

What is the total direct materials cost variance?

Financial accounting question