provided the following data concerning one of the products in its standard cost

Question

provided the following data concerning one of the products in its standard cost system, Inputs Direct materials Standard Quantity or Hours per Unit of Output 4.8 ounces Standard Pri te $6.90 per ounce The company has reported the following actual results for the product for September 2,100 units 10, 500 ounces $ 7.80 per ounce Actual output Raw materials purchased Actual price of raw materials Actual cost of raw materials purchased Raw materials used in production $81,900 10,090 ounces The raw materials price variance for the month is closest to Mutiple Choice Next > Prev 6 of 10

Explanation / Answer

$9,450 U Particulars Quantity Rate amount Quantity Rate amount Materials                 10,080.00                           6.90                 69,552.00                 10,500.00                           7.80          81,900.00 Actual output                   2,100.00 Materials reqd (2100 * 4.8)                 10,080.00 DMPV = (SP-AP)*AQ purchased DMPV = (6.90 - 7.80)10,500 DMPV = (-.90)10,500 DMPV = 9,450 U

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