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The Following Standards Have Been Established for a Raw Material

Question 22

Essay

The following standards have been established for a raw material used to make product O84:
The following standards have been established for a raw material used to make product O84: The following data pertain to a recent month's operations: The direct materials purchases variance is computed when the materials are purchased. Required: a. What is the materials price variance for the month? b. What is the materials quantity variance for the month? The following data pertain to a recent month's operations:
The following standards have been established for a raw material used to make product O84: The following data pertain to a recent month's operations: The direct materials purchases variance is computed when the materials are purchased. Required: a. What is the materials price variance for the month? b. What is the materials quantity variance for the month? The direct materials purchases variance is computed when the materials are purchased.
Required:
a. What is the materials price variance for the month?
b. What is the materials quantity variance for the month?

Correct Answer:

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a. Materials price variance = (AQ × AP) ...

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