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Determine the materials price variance

Taylor Manufacturing uses a predetermined factory

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Summit Corporation's activity-based costing system has three activity cost pools: Machining, Assembling, and Other. The company's overhead costs have already been allocated as follows: Machining: $9,500 Assembling: $42,500 Other: $18,000 Costs in the Machining cost pool are assigned to products based on machine hours (MHS), and costs in the Assembling cost pool are assigned to products based on the number of assembly operations. Costs in the Other cost pool are not assigned to products. The company has two products, Product X and Product Y. The following data represent their respective machine hours and assembly operations: Product X: 8,000 machine hours, 300 assembly operations Product Y: 12,000 machine hours, 700 assembly operations Total: 20,000 machine hours, 1,000 assembly operations Required: Calculate activity rates for the Machining and Assembling activity cost pools using activity-based costing.

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