Williams Manufacturing Company has established the following materials standards for a particular product:Standard quantity per unit of output8.1 PoundsStandard price$15.10 per poundThe following data pertain to operations concerning the product for the last month:Actual materials purchasedActual cost of materials purchased6,840 Pounds$93,500Actual materials used in production6,140 PoundsActual output1,300 UnitsWhat is the materials quantity variance for the month?Your instructor has provided the following variance formulas for you:Direct Materials VariancesMaterials Price Variance:AQ(AP - SP)Materials Quantity Variance:SP(AQ - SQ)K Prev8 of 26

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Description: Williams Manufacturing Company has established the following materials standards for a particular product:Standard quantity per unit of output8.1 PoundsStandard price$15.10 per poundThe following data pertain to operations concerning the product for

Material quantity variance refers to the variance in the cost of material due to the difference in…

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Williams Manufacturing Company has established the following materials standards for a particular product: 8.1 Pounds Standard quantity per unit of output Standard price $15.10 per pound The following data pertain to operations concerning the product for the last month: Actual materials purchased 6,840 Pounds Actual cost of materials purchased $93,500 Actual materials used in production 6,140 Pounds Actual output 1,300 Units What is the materials quantity variance for the month?

Williams Manufacturing Company has established the following materials standards for a particular product: 8.1 Pounds Standard quantity per unit of output Standard price $15.10 per pound The following data pertain to operations concerning the product for the last month: Actual materials purchased 6,840 Pounds Actual cost of materials purchased $93,500 Actual materials used in production 6,140 Pounds Actual output 1,300 Units What is the materials quantity variance for the month?

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter8: Standard Costs And Variances

Section: Chapter Questions

Problem 5EA: Sitka Industries uses a cost system that carries direct materials inventory at a standard cost. The...

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