Question

Myers Corporation has the following data related to direct materials costs for November: actual costs for...

Myers Corporation has the following data related to direct materials costs for November: actual costs for 4,700 pounds of material, $5.40; and standard costs for 4,410 pounds of material at $6.10 per pound.

What is the direct materials price variance?

a.$1,769 favorable

b.$3,290 favorable

c.$1,769 unfavorable

d.$3,290 unfavorable

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

--Correct Answer = Option 'B' $ 3,290 Favourable

Material Price Variance
( Standard Rate - Actual Rate ) x Actual Quantity
( $                                6.10 - $                       5.40 ) x 4700 pounds
3290
Variance $              3,290.00 Favourable-F
0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
1. yers Corporation has the following data related to direct materials costs for November: actual costs...
1. yers Corporation has the following data related to direct materials costs for November: actual costs for 4,610 pounds of material, $5.00; and standard costs for 4,470 pounds of material at $6.10 per pound. What is the direct materials price variance? a.$854 favorable b.$5,071 favorable c.$5,071 unfavorable d.$854 unfavorable 2. Myers Corporation has the following data related to direct materials costs for November: actual costs for 4,650 pounds of material, $5.10 and standard costs for 4,430 pounds of material at...
Myers Corporation has the following data related to direct materials costs for November: actual cost for...
Myers Corporation has the following data related to direct materials costs for November: actual cost for 4,650 pounds of material at $5.20 and standard cost for 4,420 pounds of material at $6.40 per pound.
The standard costs for direct materials for the manufacture of 2,660 actual unitsof product are as...
The standard costs for direct materials for the manufacture of 2,660 actual unitsof product are as follows: standard cost direct materials 2,660 kilograms @ $8.90 Actual cost Direct materials 2,800 kilograms @ $8.15   The direct materials quantity variance is a. $1,246 favorable b. $1,246 unfavorable c. $997 favorable d. $997 unfavorable Myers corporation has the following data related to direct materials costs for November: Actual cost for 4,620 pounds of material,$5.00 and standard costs for 4,480 pounds of material at...
Suver Corporation has a standard costing system. The following data are available for June: Actual quantity...
Suver Corporation has a standard costing system. The following data are available for June: Actual quantity of direct materials purchased 80,000 pounds Standard price of direct materials $ 9.00 per pound Material price variance $ 8,000 Unfavorable Material quantity variance $ 6,000 Favorable The actual price per pound of direct materials purchased in June was:
11. The principle of exceptions allows managers to focus on correcting variances between standard costs and...
11. The principle of exceptions allows managers to focus on correcting variances between standard costs and actual costs variable costs and actual costs competitor’s costs and actual costs competitor’s costs and standard costs 12. Myers Corporation has the following data related to direct materials costs for November: actual costs for 5,000 pounds of material at $4.50; and standard costs for 4,800 pounds of material at $5.10 per pound. What is the direct materials quantity variance? a.$1,020 favorable b.$1,020 unfavorable c....
Miami company has set the following standards related to the prime costs for its single product:...
Miami company has set the following standards related to the prime costs for its single product: standard quantity standard price direct materials 11 pounds per unit $3.00 per pound direct labor 8 hours per unit $14.00 per hour Miami Company reported the following information for the month of September: 1. The direct material quantity variance was $7,380 unfavorable. 2. The direct labor rate variance was $4,410 favorable. 3. 8,140 units were produced. 4. Direct materials were purchased at a price...
Q1: The standard costs and actual costs for direct materials for the manufacture of 2,600 actual...
Q1: The standard costs and actual costs for direct materials for the manufacture of 2,600 actual units of product are Standard Costs Direct materials (per completed unit) 1,040 kilograms @$8.61 Actual Costs Direct materials 2,600 kilograms @ $8.20 Round your final answer to the nearest dollar. The amount of direct materials price variance is $426 favorable $426 unfavorable $1,066 favorable $1,066 unfavorable Q2: The standard costs and actual costs for direct materials for the manufacture of 2,650 actual units of...
MIAMI Company has set the following standards related to the prime costs for its single product:...
MIAMI Company has set the following standards related to the prime costs for its single product: standard quantity standard price direct materials 11 pounds per unit $3.00 per pound direct labor 8 hours per unit $14.00 per hour MIAMI Company reported the following information for the month of September: 1. The direct material quantity variance was $7,380 unfavorable. 2. The direct labor rate variance was $4,410 favorable. 3. 8,140 units were produced. 4. Direct materials were purchased at a price...
Your Company has a standard costing system. The following data are available for June: * Actual...
Your Company has a standard costing system. The following data are available for June: * Actual quantity of direct materials purchased: 35,000 pounds * Standard price of direct materials: $4 per pound * Standard quantity per unit: 4.5 pounds * Material price variance: $7,000 favorable * Material quantity variance: $4,200 unfavorable What is the standard quantity of materials for the period? 36,050 33,950 33,250 35,000
TB MC Qu. 10-32 Suver Corporation has a standard ... Suver Corporation has a standard costing...
TB MC Qu. 10-32 Suver Corporation has a standard ... Suver Corporation has a standard costing system. The following data are available for June: Actual quantity of direct materials purchased 60,000 pounds Standard price of direct materials $ 2.00 per pound Material price variance $ 6,000 Unfavorable Material quantity variance $ 3,000 Favorable The actual price per pound of direct materials purchased in June was: Multiple Choice $1.88 per pound $2.00 per pound $2.10 per pound $2.12 per pound
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT