Get answer With Correct Solution Thrope, Inc. purchased 2,200 pounds of direct material at a price of $1.10 perpound. The standard price of the material is $1.20 per pound. Thrope used1,900 pounds in production while the standard pounds allowed for actualproduction was 1,800.Calculate the direct materials price and quantity variances and indicatewhether the variances are favorable or unfavorable.

Direct Materials Price VarianceThe direct materials price variance is calculated as the difference…

Answered: Thrope, Inc. purchased 2,200 pounds of…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Blossom, Inc. purchased 1.930 pounds of direct materials at a price of $1.50 per pound. The standard price of the material is $1.60 per pound. Blossom used 1,730 pounds in production while the standard pounds allowed for actual production was 1,530. Calculate the direct materials price and quantity variances and indicate whether the variances are favorable or unfavorable. Direct materials price variance Direct materials quantity variance $
Sunny Corporation has collected the following data for one of its products: Direct materials standard (3 pounds per unit @ $0.40/lb.) Actual direct materials purchased Actual Direct Materials Used (AQU) Actual Price (AP) paid per pound How much is the direct materials price variance? O A. $1,610 unfavorable B. $2,240 favorable C. $1,610 favorable O D. $2,240 unfavorable $1.20 per finished good 32,000 pounds 23,000 pounds $0.47
Nas daily Company has a standard price of P5.50 per pound for materials. August’s results showed an unfavorable material price variance of P44 and a favorable quantity variance of P209. If 1,066 pounds were used in production, what was the standard quantity allowed for materials?
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