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19% v2.cengagenow.com 1 Materials Variances Torres Company produces fruit juices, sold in...

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Question

Accounting

19%
v2.cengagenow.com
1
Materials Variances
Torres Company produces fruit juices, sold in litres. Recently, the company adopted the following material standard for one litre of its fruit juice:
Direct materials (128 grams @ $0.05)= $6.40
During the first week of operation, the company experienced the following results:
a. Litre units produced: 23,000.
b. Grams of materials purchased and used: 2,860,000 grams at $0.075.
c. No beginning or ending inventories of raw materials.
Required:
If required, round your answers to the nearest dollar.
Compute the materials price variance.
$
Compute the materials usage variance.
$
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