Apps 1 Hawkes Learning Blackbrd Leam NG 2018 Online ACCT 2302.9o Exam I Question

Question

Apps 1 Hawkes Learning Blackbrd Leam NG 2018 Online ACCT 2302.9o Exam I Question 18 (of 35) Save &Exit; Submit Time remaining: 137-50 18. Oxford Co. has a material standard of 2.1 pounds per unit of output Each pound has a standard price of $13 per pound During February Oxford Co paid $57300 for 4,890 pounds, which were used to produce 2,410 units. What is the direct materials quentity variance? (Do not round your intermediate caliculetions.) $10.310 unfavorable ?S2 223 favorable O $1.850 unfevorable $9,550 favorable O Type here to search x® ????4e 1:50 PM 4/15/2018

Explanation / Answer

Answer:

Direct Material Quantity Variance = (SQ – AQ) * SP
Standard Quantity (SQ) = 2,410 * 2.1 = 5,061 pounds
Actual Quantity (AQ) = 4,890 Pounds
Standard Price (SP) = $13

Direct Material Quantity Variance = (5,061 – 4,890) * $13
Direct Material Quantity Variance = $2,223 (Favourable)

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