Stanford coop uses a standard cost system to account for, Ask an Expert

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Stanford Coop uses a standard cost system to account for the costs of its one product. Materials standards are 3.0 pounds of material at $13 per pound and 2 hours of labor at a standard wage rate of $9. During July Stanford Coop produced 3,290 units. Materials purchased and used totaled 10,100 pounds at a total cost of $133,200. Payroll totaled $148,080 for 13,280 hours worked.

a.Calculate the direct materials price variance. (Do not round your intermediate calculations. Input the amount as positive value. Indicate the effect of variance by selecting "Favorable", "Unfavorable", or "None" for no effect (i.e., zero variance). Leave no cell blank - be certain to enter "0" wherever required. Omit the "tiny_mce_markerquot; sign in your response.)

Price variance $ (Click to select)

Favorable or Unfavorable or None

b.Calculate the direct materials quantity variance. (Input the amount as positive value. Indicate the effect of variance by selecting "Favorable", "Unfavorable", or "None" for no effect (i.e., zero variance). Leave no cell blank - be certain to enter "0" wherever required. Omit the "tiny_mce_markerquot; sign in your response.)

Quantity variance $ (Click to select)

Unfavorable or Favorable or None

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9957047

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