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Calculating Material Variances
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The standard price for the Z240 electrical relay (a component used in the production of a commercial refrigeration unit) is $25. Standards call for 2 relays per unit of finished product. In July, the company purchases 100 relays for $2,600. The company used 83 relays in the production of 40...
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HERE IS THE PROBLEM AND THE ANSWER. I AM HAVING TROUBLE DETERMINE WHAT FORMULA WAS USED, IF ANY, AND UNDERSTANDING THE CONCEPT. Here is the problem Material Variances---Working Backwards Joseph Company's direct materials costs are as follows: Standard price per pound of direct...
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I really need help withthis one, I have literally tried everything and still am unable to get the answer correct: The standard cost of Product B manufactured by Mateo Company includes 3 units of direct materials at $6.25 per unit. During June, 28,000 units of direct materials are purchased at a...
Direct Material Variances
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What type would it be if the price and quantity arose if the actual number of lbs of materials used exceeds standards lbs aalowed but actual cost is less than the standard cost? I think that the quantity would be favorable and the price would be unfavorable. Am I correct? View more questions Search
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