Wallace Corporation has the following standards for its direct materials: Standard cost: $3.70 per pound Standard...
Wallace Corporation has the following standards for its direct materials: Standard cost: $3.70 per pound Standard quantity: 5.80 pounds per product During the most recent month, the company purchased and used 32,300 pounds of material in manufacturing 5,500 products, at a total cost of $123,000. Compute the total materials variance.
$4,970 Favorable
$1,480 Unfavorable
$4,970 Unfavorable
$1,480 Favorable
Homework Answers
Answer
- Correct Answer = Option #3: $ 4,970 Unfavourable
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Total Material Variance |
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|
( |
Standard Cost = 5500 units x 5.8 pounds x $ 3.70 |
- |
Actual Cost |
) |
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|
( |
$ 118,030.00 |
- |
$ 123,000.00 |
) |
||
|
-4970 |
||||||
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Variance |
$ 4,970.00 |
Unfavourable-U |
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