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problem: Marrick firm create one product, for which it has established the following standards for materials:

Average quantity of material per unit of product: 4.5 pounds

Price per pound of materials, $8

During March, Marrick create 10,000 units of the product, using 50,000 pounds at a total price of $412,500.

Required:

[A] find out total flexible budget materials variance and indicate whether it is favorable or unfavorable.

[B] Determine materials price variance and indicate whether it is favorable or unfavorable.

[C] find out materials usage variance and indicate whether it is favorable or unfavorable.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M921794

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