Question

1. Luma Inc. has provided the following data concerning one of the products in its standard...

1. Luma Inc. has provided the following data concerning one of the products in its standard cost system.

Inputs Standard Quantity or Hours per Unit of Output Standard Price or Rate
Direct materials 4.8 ounces $6.90 per ounce

The company has reported the following actual results for the product for September:

Actual output 2,100 units
Raw materials purchased 10,500 ounces
Actual price of raw materials $ 7.80 per ounce
Actual cost of raw materials purchased $ 81,900
Raw materials used in production 10,090 ounces

The raw materials quantity variance for the month is closest to:

Multiple Choice

  • $69 F

  • $78 F

  • $69 U

  • $78 U

2. Devoto Inc. has provided the following data concerning one of the products in its standard cost system.

Inputs Standard Quantity or Hours per Unit of Output Standard Price or Rate
Direct materials 6.6 grams $7.70 per gram

The company has reported the following actual results for the product for June:

Actual output 9,200 units
Raw materials purchased 64,500 grams
Actual cost of raw materials purchased $ 548,250
Raw materials used in production 60,710 grams

The raw materials quantity variance for the month is closest to:

Multiple Choice

  • $77 U

  • $85 F

  • $85 U

  • $77 F

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