Financial & Managerial Accounting
Solutions
Financial & Managerial Accounting
Direct materials variances
Silicone Engine Inc. produces wrist-worn tablet computers. The company uses Thin Film Crystal (TFC) LCD displays for its products. Each tablet uses one display. The company produced 580 tablets during December. However, due to LCD defects, the company actually used 600 LCD displays during December. Each display has a standard cost of $15.00. Six hundred LCD displays were purchased for December production at a cost of $8,550.
Determine the price variance, quantity variance, and total direct materials cost variance for December.
Direct material variances:
The difference between the actual material cost per unit and the standard material cost per unit for the direct material purchased is known as direct material cost variance. The direct material variance can be classified as follows:
- Direct materials price variance.
- Direct materials quantity variance.
The price variance for the month of December.
The price variance is determined as follows:
The quantity variance for the month of December.
The total direct materials cost variance for the month of December.
Chapter 22 Solutions
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