Question: Refer to the data provided in Cornerstone Exercise 10-22. Required: Calculate the materials price and usage variances using the columnar and formula approaches. Exercise 10-22

Refer to the data provided in Cornerstone Exercise 10-22.

Required:

Calculate the materials price and usage variances using the columnar and formula approaches.

Exercise 10-22

Lata Inc., produces aluminum cans. Production of 12-ounce cans has a standard unit quantity of 4 ounces of aluminum per can. During the month of April, 250,000 cans were produced using 1,100,000 ounces of aluminum. The actual cost of aluminum was $0.09 per ounce and the standard price was $0.08 per ounce. There are no beginning or ending inventories of aluminum.

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