1. The standard and actual prices per pound of raw material are $4.00and $4.50, respectively. A total of 10,500 pounds of raw materialwas purchased and then used to produce 5,000 units. Thequantity standard allows two pounds of the raw material per unitproduced. What was the materials quantity variance?a. $5,000 unfavorableb. $5,000 favorablec. $2,000 favorabled. $2,000 unfavorable2. Referring to the facts in question 1 above, what was the materialprice variance?a. $5,250 favorableb. $5,250 unfavorablec. $5,000 unfavorabled. $5,000 favorable

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1. The standard and actual prices per pound of raw material and $4.50, respectively. A total of 10,500 pounds of raw was purchased and then used to produce 5,000 units. Th quantity standard allows two pounds of the raw materia produced. What was the materials quantity variance? a. $5,000 unfavorable b. $5,000 favorable c. $2,000 favorable d. $2,000 unfavorable 2. Referring to the facts in question 1 above, what was the r price variance? a. $5,250 favorable b. $5,250 unfavorable c. $5,000 unfavorable d. $5,000 favorable

1. The standard and actual prices per pound of raw material and $4.50, respectively. A total of 10,500 pounds of raw was purchased and then used to produce 5,000 units. Th quantity standard allows two pounds of the raw materia produced. What was the materials quantity variance? a. $5,000 unfavorable b. $5,000 favorable c. $2,000 favorable d. $2,000 unfavorable 2. Referring to the facts in question 1 above, what was the r price variance? a. $5,250 favorable b. $5,250 unfavorable c. $5,000 unfavorable d. $5,000 favorable

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The standard and actual prices per pound of raw material are $4.00 and $4.50,respectively. A total of 10,500 pounds of raw material was purchased and then usedto produce 5,000 units. The quantity standard allows two pounds of the raw materialper unit produced. What is the materials quantity variance?a. $5,000 unfavorableb. $5,000 favorablec. $2,000 favorabled. $2,000 unfavorable
Assume the following: • The standard price per pound is $3.00. • The actual quantity of materials purchased is 60,000 pounds. • The actual quantity of materials used in production is 62,000 pounds. • The actual purchase price per pound of materials was $3.10. What is the materials price variance? Multiple Choice O O $6,000 F $6,200 F $6,000 U $6,200 U
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1. A quantity of a particular raw material was purchased for $43,250. The standard cost of the material was $2.00 per kilogram and there was an unfavorable materials price variance of $3,250. How many kilograms were purchased? 2. The standard direct material cost to produce a unit of Lem is 4 meters of material at $2.50 per meter. During May of the current year, 4,200 meters of material costing $10,080 were purchased and used to produce 1,000 units of Lem. What was the material price variance for May?
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