iPad 11:28 PM 16% I ezto.mheducation.com Unit 2 Study Question Chegg Study | Gui

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iPad 11:28 PM 16% I ezto.mheducation.com Unit 2 Study Question Chegg Study | Guided... Accounting question [.. Practice Chpt 8 (Ex iPad3:11 PM Ezto.m ACCT 2302 81004 TR Practice Chpt 8 (Extra credit 10 pts) instru Question 3 (of 4) Save & Ex 3. value 2.50 points Bandar Industries Berhad of Malaysia manufactures sporting equipment. One of the company's products,a football helmet for the North American market, requires a special plastic. During the quarter ending June 30 the company manufactured 3,700 helmets, using 2,701 kilograms of plastic. The plastic cost the company $17,827 According to the standard cost card, each helmet should require 0.68 kilograms of plastic, at a cost of $7.00 per kilogram. Required 1. According to the standards, what cost for plastic should have been incurred to make 3,700 helmets? How much greater or less is this than the cost that was incurred? (Round Standard kilograms of plastic per helmet to 2 decimal places.) Number of helmets Standard kilograms of plastic per helmet Total standard kilograms allowed Standard cost per kilogram Total standard cost Actual cost incurred Total standard cost Total material variance-unfavorable 2. Break down the difference computed in (1) above into a materials price variance and a materials quantity variance. (Round your actual materials price to two decimal places, and round your final answers to the nearest whole dollar. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance).) Materials price variance Materials quantity variance

Explanation / Answer

1 Number of helmets 3700 Standard kilograms of plastic per helmet 0.68 Total standard kilograms allowed 2516 Standard cost per kilogram 7 Total standard cost 17612 Actual cost incurred 17827 Total standard cost 17612 Total material variance-unfavorable 215 2 Materials price variance = 17827-(2701*7)= 1080 Favorable Materials quantity variance = 7*(2701-2516)= 1295 Unfavorable

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