For FISH Company, actual materials cost was $24,800. Standard price for materials was $5.00 per pound and standard quantity was two pounds per [good] output unit For August, actual pounds purchased AND used were 5100 pounds and 2500 [good output units were produced in August. For each of the following three questions, indicate two things: amount of variance and whether variance was favorable or unfavorable. For blank one, indicate the materials cost variance. For blank two, indicate the materials efficiency (or quantity) variance. For blank three, indicate the total materials variance.
For FISH Company, actual materials cost was $24,800. Standard price for materials was $5.00 per pound and standard quantity was two pounds per [good] output unit For August, actual pounds purchased AND used were 5100 pounds and 2500 [good output units were produced in August. For each of the following three questions, indicate two things: amount of variance and whether variance was favorable or unfavorable. For blank one, indicate the materials cost variance. For blank two, indicate the materials efficiency (or quantity) variance. For blank three, indicate the total materials variance.
Chapter8: Standard Costs And Variances
Section: Chapter Questions
Problem 6PB: Corolla Manufacturing has a standard cost for steel of $20 per pound for a product that uses 4...
Related questions
Question
How would this be solved ?
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 4 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Principles of Accounting Volume 2
Accounting
ISBN:
9781947172609
Author:
OpenStax
Publisher:
OpenStax College
Managerial Accounting
Accounting
ISBN:
9781337912020
Author:
Carl Warren, Ph.d. Cma William B. Tayler
Publisher:
South-Western College Pub
Principles of Cost Accounting
Accounting
ISBN:
9781305087408
Author:
Edward J. Vanderbeck, Maria R. Mitchell
Publisher:
Cengage Learning
Principles of Accounting Volume 2
Accounting
ISBN:
9781947172609
Author:
OpenStax
Publisher:
OpenStax College
Managerial Accounting
Accounting
ISBN:
9781337912020
Author:
Carl Warren, Ph.d. Cma William B. Tayler
Publisher:
South-Western College Pub
Principles of Cost Accounting
Accounting
ISBN:
9781305087408
Author:
Edward J. Vanderbeck, Maria R. Mitchell
Publisher:
Cengage Learning
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
Cornerstones of Cost Management (Cornerstones Ser…
Accounting
ISBN:
9781305970663
Author:
Don R. Hansen, Maryanne M. Mowen
Publisher:
Cengage Learning
Managerial Accounting: The Cornerstone of Busines…
Accounting
ISBN:
9781337115773
Author:
Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:
Cengage Learning