• The standard price per pound is $2.00. • The standard quantity of pounds allowed per unit of finished goods is 4 pounds. • The actual quantity of materials purchased and used in production is 50,300 pounds. • The actual purchase price per pound of materials was $2.25. ● The company produced 13,000 units of finished goods during the period. What is the materials quantity variance?

• The standard price per pound is $2.00. • The standard quantity of pounds allowed per unit of finished goods is 4 pounds. • The actual quantity of materials purchased and used in production is 50,300 pounds. • The actual purchase price per pound of materials was $2.25. ● The company produced 13,000 units of finished goods during the period. What is the materials quantity variance?

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Description: Please do not give solution in image format thanku Assume the following:• The standard price per pound is $2.00.• The standard quantity of pounds allowed per unit of finished goods is 4 pounds.The actual quantity of materials purchased and used in pr

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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Assume the following: • The standard price per pound is $2.00. • The standard quantity of pounds allowed per unit of finished goods is 4 pounds. • The actual quantity of materials purchased and used in production is 50,000 pounds. The actual purchase price per pound of materials was $2.25. The company produced 13,000 units of finished goods during the period. What is the materials quantity variance? Multiple Choice $4,000 U $4,000 F $4,500 F $4,500 U
Assume the following: • The standard price per pound is $2.35. • The standard quantity of pounds allowed per unit of finished goods is 4 pounds. • The actual quantity of materials purchased was 53,000 pounds, whereas the quantity of materials used in production was 50,700 pounds. • The actual purchase price per pound of materials was $2.25. • The company produced 13,000 units of finished goods during the period. What is the materials quantity variance? Multiple Choice O о O $3,055 F $5,175 F $2,925 F $5,405 F
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Assume the following: The actual price per pound is $2.25. The standard quantity of pounds allowed per unit of finished goods is 4 pounds. The actual quantity of materials purchased and used in production is 50,000 pounds. The materials price variance is $12,500 U. The materials quantity variance is $4,000 F. What is the total number of units produced (finished goods) during the period?
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