Petrillo Company produces engine parts for large motors and uses standard costing for its production costing and control. The company provided the following information for the month of November: Standards for direct materials per 7 lbs. at $6 per unit Ibs. Parts produced 2,000 units Direct materials purchased 12,000 lbs. at $5.8 per Beginning inventory of direct Ibs. materials 5,000 lbs. Ending inventory of direct materials 2,000 lbs. What is the direct material quantity (usage) variance?
Petrillo Company produces engine parts for large motors and uses standard costing for its production costing and control. The company provided the following information for the month of November: Standards for direct materials per 7 lbs. at $6 per unit Ibs. Parts produced 2,000 units Direct materials purchased 12,000 lbs. at $5.8 per Beginning inventory of direct Ibs. materials 5,000 lbs. Ending inventory of direct materials 2,000 lbs. What is the direct material quantity (usage) variance?
Managerial Accounting
15th Edition
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:Carl Warren, Ph.d. Cma William B. Tayler
Chapter3: Process Cost Systems
Section: Chapter Questions
Problem 7BE: In October, the cost of materials transferred into the Rolling Department from the Casting...
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