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Ratling [72]
3 years ago
15

Ruby Company produces a chair for which the standard specifies 5 yards of material per unit. The standard price of one yard of m

aterial is $7.50. During the month, 8,400 chairs were manufactured, using 43,700 yards at a cost of $7.30 per yard. Determine the following: Enter favorable variances as negative numbers. a. Direct materials price variance $fill in the blank 1 b. Direct materials quantity variance $fill in the blank 3 c. Total direct materials cost variance
Business
1 answer:
Readme [11.4K]3 years ago
5 0

Answer:

Total  direct material variance = $260

Price variance = $8,740 Favourable

Usage variance = $9,000 Adverse

Explanation:

<em>Direct  material price variance</em>

43,700×(7.50-7.30) = $8,740 Favourable

<em>Direct material usage variance</em>

                                                                               Yards

8,400 chairs should have used (8,400× 5)       42,500

but dis use                                                          <u> 43,700</u>

                                                                             1,200 adverse

standard price                                                   × <u> $7.50</u>

Usage variance                                                 <u>  9.000 Adverse</u>

Total  direct material variance = Price variance + quantity variance

= 8,740F + 9,000A= $260 A

Total  direct material variance = $260 Adverse

Price variance = $8,740 Favourable

Usage variance = $9,000 Adverse

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