I need help with cost accounting. Thanks. Oklahoma Pneumatic uses a JIT system. The following standards are related to materials A and B, which are used to make one unit of the company's final product:Annual Material Standards3 pounds of Material A × $2.50$7.504 pounds of Material B × $3.4013.60$21.10Current Material Standards2 pounds of Material A × $2.50$5.005 pounds of Material B x $3.4017.00$22.00Current material standards differ from the original because of an engineering change made near the end of June. During July, the company produced 7,200 units of itsfinal product and used 26,400 pounds of Material A and 24,000 pounds of Material B. All material is acquired at the standard cost per pound.Calculate the material quantity variance and the engineering change order (ECO) material variance.Note: Do not use a negative sign with your answer.Material quantity variance $ 0ECO material variance $ 0

Material quantity variance is a category of variance that compares actual quantity and standard…

Answered: Calculate the material quantity…

Business

Accounting

Calculate the material quantity variance and the engineering change order (ECO) material variance.

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter8: Standard Costs And Variances

Section: Chapter Questions

Problem 4PA: April Industries employs a standard costing system in the manufacturing of its sole product, a park...

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