Wales company purchased at a cost of 15616 and used 3200, Ask an Expert

Accounting

Wales Company purchased (at a cost of $15,616) and used 3,200 pounds of materials during May. Wales's standard cost of materials per unit produced is based on 2.90 pounds per unit at a cost $5.00 per pound. Production in May was 1,020 units.

Compute the total, price, and quantity variances for materials.

Total Materials Variance	$	UnfavorableFavorableNeither favorable nor unfavorable
Materials Price Variance	$	UnfavorableFavorableNeither favorable nor unfavorable
Materials Quantity Variance	$	FavorableUnfavorableNeither favorable nor unfavorable

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9947948

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