Concord Company's standard materials cost per unit of output is $10.25 (2.50 pounds x $4.10). During July, the company purchases and uses 2,400 pounds of materials costing $12,720 in making 1,200 units of finished product. Compute the total, price, and quantity materials variances. (Round per unit values to 2 decimal places, eg. 52.75 and final answers to O decimal places, e.g. 52.) Total materials variance $ Materials price variance $ Materials quantity variance $

Concord Company's standard materials cost per unit of output is $10.25 (2.50 pounds x $4.10). During July, the company purchases and uses 2,400 pounds of materials costing $12,720 in making 1,200 units of finished product. Compute the total, price, and quantity materials variances. (Round per unit values to 2 decimal places, eg. 52.75 and final answers to O decimal places, e.g. 52.) Total materials variance $ Materials price variance $ Materials quantity variance $

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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