Product finished = 1400 units
Direct material price variance = (Standard direct material price - actual direct material price)*Actual quantity used
-1500 = (Standard direct material price - 5.50)*3000
Standard direct material price = $5 per pound
Standard direct material cost per unit of finished product = $5*2 = $10 per unit
Standard Direct Materials Cost per Unit from Variance Data The following data relating to direct materials...
Standard Direct Materials Cost per Unit from Variance Data The following data relating to direct materials cost for October of the current year are taken from the records of Good Clean Fun Inc., a manufacturer of organic toys: Quantity of direct materials used 3,000 lbs. Actual unit price of direct materials $5.50 per lb. Units of finished product manufactured 1,400 units Standard direct materials per unit of finished product 2 lbs. Direct materials quantity variance—unfavorable $1,000 Direct materials price variance—unfavorable...
Standard Direct Materials Cost per Unit from Variance Data The following data relating to direct materials cost for October of the current year are taken from the records of Good Clean Fun Inc., a manufacturer of organic toys: 7,100 lbs. Quantity of direct materials used Actual unit price of direct materials $3.80 per lb. 3,410 units Units of finished product manufactured 2 lbs Standard direct materials per unit of finished product Direct materials quantity variance-unfavorable $1,092 Direct materials price variance-favorable...
Standard Direct Materials Cost per Unit from Variance Data The following data relating to direct materials cost for October of the current year are taken from the records of Good Clean Fun Inc., a manufacturer of organic toys: Quantity of direct materials used 6,200 lbs. Actual unit price of direct materials $3.9 per lb. Units of finished product manufactured 1,490 units Standard direct materials per unit of finished product 4 lbs. Direct materials quantity variance—unfavorable $984 Direct materials price variance—favorable...
Standard Direct Materials Cost per Unit from Variance Data The following data relating to direct materials cost for October of the current year are taken from the records of Good Clean Fun Inc., a manufacturer of organic toys: Quantity of direct materials used 4,900 lbs. Actual unit price of direct materials $4.30 per lb. Units of finished product manufactured 2,350 units Standard direct materials per unit of finished product 2 lbs. Direct materials quantity variance—unfavorable $880 Direct materials price variance—favorable...
Standard Direct Materials Cost per Unit from Variance Data The following data relating to direct materials cost for October of the current year are taken from the records of Good Clean Fun Inc., a manufacturer of organic toys: Quantity of direct materials used 7,300 lbs. Actual unit price of direct materials $2.2 per lb. Units of finished product manufactured 1,755 units Standard direct materials per unit of finished product 4 lbs. Direct materials quantity variance—unfavorable $672 Direct materials price variance—favorable...
Standard Direct Materials Cost per Unit from Variance Data The following data relating to direct materials cost for October of the current year are taken from the records of Good Clean Fun Inc., a manufacturer of organic toys: Quantity of direct materials used 3,700 lbs. OWN :- Actual unit price of direct materials Units of finished product manufactured $4.5 per Ib. 1,780 units Standard direct materials per unit of finished product 2 lbs. Direct materials quantity variance-unfavorable $658 Direct materials...
Standard Direct Materials Cost per Unit from Variance Data The following data relating to direct materials cost for October of the current year are taken from the records of Good Clean Fun Inc., a manufacturer of organic toys: Quantity of direct materials used 7,300 lbs. Actual unit price of direct materials $2.2 per lb. Units of finished product manufactured 1,755 units Standard direct materials per unit of finished product 4 lbs. Direct materials quantity variance—unfavorable $672 Direct materials price variance—favorable...
The standard cost of product 777 includes 2.7 units of direct materials at $5.50 per unit. During August, the company bought 29,200 units of materials at $5.55 and used those materials to produce 11,100 units. Compute the total, price, and quantity variances for materials. Total materials variance $ Unfavorable or Favorable Materials price variance $ unfavorable or Favorable Materials quantity variance $ unfavorable or Favorable
Reed Corp. has set the following standard direct materials and direct labor costs per unit for the product it manufactures. $42 Direct materials (14 lbs. @ $3 per lb.) Direct labor (3 hrs. @ $15 per hr.) 45 During June the company incurred the following actual costs to produce 9,000 units. Direct materials (128,900 lbs. @ $2.80 per lb.) Direct labor (31,000 hrs. @ $15.20 per hr.). $360,920 471,200 AH = Actual Hours SH = Standard Hours AR = Actual...
Hutto Corp, has set the following standard direct materials and direct labor costs per unit for the product it manufactures. Direct materials (15 lbs. $5 per lb.) Direct labor (3 hrs. $14 per hr.) During May the company incurred the following actual costs to produce 8,900 units. Direct materials (136,200 lbs. $4.80 per lb.) Direct labor (29,900 hrs. $14.10 per hr.). $653,760 421,590 AQ - Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price AH-Actual...