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Accounting

The Heavenly Gifts Company, a maker of Holiday noveities, needs your help immediately. The company's accountant resigned without leaving adequate records or explanations for what she did. In reviewing the records, you find the following information for May:

Materials purchased - 20,000 units
Material used = 15,000 units.
You find a copy of the budget which shows that materials were budgeted at $0.60/unit. you know that the materials price variance is recorded at the time of purchased and you find some handwritten notes among the accountant's work papers, which indicate the following:
Materials price variance = $200 favorable
Materials efficiency (quantity) variance = $600 favorable

a. What was the total actual cost of the direct materials purchased during May?

b. Based on the information in question #1 what was the total standard cost of direct materials purchased during May?

c. Based on the information in question #1 what was the total standard cost of direct materials allowed during May?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9410401

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