Use this information for Stringer Company to answer the question that follow. The following data are...
Use this information for Stringer Company to answer the question that follow.
The following data are given for Stringer Company:
| Budgeted production | 920 units |
| Actual production | 1,021 units |
| Materials: | |
| Standard price per ounce | $1.81 |
| Standard ounces per completed unit | 11 |
| Actual ounces purchased and used in production | 11,568 |
| Actual price paid for materials | $23,714 |
| Labor: | |
| Standard hourly labor rate | $14.51 per hour |
| Standard hours allowed per completed unit | 4.4 |
| Actual labor hours worked | 5,258.15 |
| Actual total labor costs | $80,187 |
| Overhead: | |
| Actual and budgeted fixed overhead | $1,093,000 |
| Standard variable overhead rate | $26.00 per standard labor hour |
| Actual variable overhead costs | $147,228 |
| Overhead is applied on standard labor hours. | |
Round your intermediate calculations and final answer to the nearest cent.
The direct materials price variance is
a.$2,776.32 favorable
b.$6,940.80 unfavorable
c.$6,940.80 favorable
d.$2,776.32 unfavorable
Homework Answers
Answer : D = $ 2,776.32 Unfavorable
__________________________________________________________________________
>> Actual Price = $ 23,714 / 11,568 = $ 2.05.
>> Actual Quantity = 11,568.
>> Standard Price = $ 1.81
__________________________________________________________________________
>> Direct Material Price Variance = ( Standard Price - Actual Price ) * Actual Quantity
>> Direct Material Price Variance = ( $ 1.81 - $ 2.05 ) * 11,568
>> Direct Material Price Variance = $ 2,776.32 Unfavorable
__________________________________________________________________________
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