Ceelo Company purchased (at a cost of $23,290) and used 3,400 pounds of materials during May....
Ceelo Company purchased (at a cost of $23,290) and used 3,400 pounds of materials during May. Ceelo’s standard cost of materials per unit produced is based on 1 pounds per unit at a cost $7.00 per pound. Production in May was 3,340 units.
Compute the total, price, and quantity variances for materials.
(Round answers to 0 decimal places, e.g.
125.)
| Total Materials Variance | $ | FavorableUnfavorableNeither favorable nor unfavorable | ||
| Materials Price Variance | $ | UnfavorableFavorableNeither favorable nor unfavorable | ||
| Materials Quantity Variance |
Homework Answers
| Answer | |
| Answer :- actual cost per unit 6.85 | |
| Actual Quantity = $3400 | |
| Standard Quantity $3340 | |
| Standard cost per unit $7 | |
| 1 | Total cost variance = ($3340×7)-(3400×6.85)= $90 favorable |
| 2 | Material price variance = $3400(7-6.85) $510 favorable |
| 3 | Material quantity variance =7(3340-3400) = $ 420 adverse |
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