Information on Canyon Chemicals direct materials costs follows: Quantities of chemical Y purchased and used . .

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Information on Canyon Chemical’s direct materials costs follows:

Quantities of chemical Y purchased and used . . . . . 28,800 gallons

Actual cost of chemical Y used . . . . . . . . . . . . . . . $640,000

Standard price per gallon of chemical Y . . . . . . . . . . $22.50

Standard quantity of chemical Y allowed . . . . . . . . . 26,400 gallons

Required

a. What were Canyon Chemical’s direct materials price and efficiency variances?

b. (Appendix) Prepare the journal entries to record the purchase and use of chemical Y using standard costing.

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Fundamentals of Cost Accounting

ISBN: 978-0077398194

3rd Edition

Authors: William Lanen, Shannon Anderson, Michael Maher

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Question Posted: Apr 26, 2012 04:35 AM

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Information on Canyon Chemicals direct materials costs follows: Quantities of chemical Y purchased and used . .

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Fundamentals of Cost Accounting

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