Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. the following standards have been established for

The following standards have been established for a raw material used to make product O84:...

50.1K

Verified Solution

Question

Accounting

The following standards have been established for a raw material used to make product O84:
Standard quantity of the material per unit of output
Standard price of the material
The following data pertain to a recent month's operations:
Actual material purchased Actual cost of material purchased
Actual material used in production
Actual output
7.1 meters $18.30 per meter
3,400 meters $ 64,090
3,100 meters
500 units of product O84
The direct materials purchases variance is computed when the materials are purchased.
Required:
a. What is the materials price variance for the month?
b. What is the materials quantity variance for the month?

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students