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The production manager of a large company reports the following data for the production of the company's single product:

Standard material for each unit: 4 pounds @ $3 per pound ($12 per unit)

Planned production---------------------13,000 units

Actual Production-----------------------11,500 units

Direct materials purchased and used in production 45,000 pounds

Cost of direct materials purchased----------------$148,500

Determine the price per unit of materials. Also determine the price and quantity variances.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9951472

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