Survey of Accounting (Accounting I)
Solutions
Survey of Accounting (Accounting I)
Standard direct materials cost per unit from variance data
The following data relating 10 direct materials cost for August of the current year are taken from the records of Happy Tots Inc., a manufacturer of plastic toys:
Determine the standard direct materials cost per unit of finished product, assuming that there was no work-in-process inventory at either the beginning or the end of the month.
Concept Introduction:
Standard Costing System:
Standard Costing system allows estimating the costs, preparing budgets for future periods, and analyzing the performance by comparing the budgets with actual results and find variances.
To Calculate:
The Standard Direct Material Cost per unit
The Standard Direct Material Cost per unit is calculated as follows:
| Direct Material Price Variance: | ||
| Actual Price | $ 2.30 | Per lbs. |
| Standard Price | $ 2.05 | Per lbs. |
| 2.3-(3000/12000) | ||
| Actual Quantity | 12000 | Lbs. |
| Direct Material Price Variance | $ 3,000.00 | Unfavorable |
| Direct Material Quantity Variance: | ||
| Actual Quantity (E) | 12000 | Lbs... |
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