Jorrey Company manufactures bookcases. Direct materials standards are 20 board feet of lumber per bookcase at a cost of $ 2.50 per board foot. During the month of July, Jorrey purchased 25,000 board feet of lumber at a total cost of $ 60,000. Production during July used 21,000 board feet of lumber to manufacture 1,000 bookcases. What are the direct materials price, usage, and inventory variances?
Answer to relevant QuestionsMadsen Enterprises’s direct materials costs for March follow. What are the direct materials price, usage, and inventory variances? Actual quantity purchased ...The following information is available for Lowham Company: Direct materials price variance .................................................. $ 9,000 U Direct materials usage variance ...Refer to C9.1 and complete the following. A. Determine the overhead applied to each product line. B. Determine the overhead cost per unit assuming the number of units produced equaled the number of units shipped. What does the term last- in, first-out mean? What is the impact of this cost flow assumption on the income statement and balance sheet? A review of the financial statements of Micromania, Inc., revealed a beginning and ending Allowance for Uncollectible Accounts balance of $ 32,500 and $ 28,600, respectively. If the uncollectible accounts expense for the ...
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