Question: Hello, Acct question here. Simba Company's standard materials cost per unit of output is $9.68 (2.20 pounds x $4.40). During July, the company purchases and

Hello, Acct question here.

Simba Company's standard materials cost per unit of output is $9.68 (2.20 pounds x $4.40). During July, the company purchases and uses 2,970 pounds of materials costing $15,741 in making 1,500 units of finished product. Total Material Variance is unfavorable, material price variance is unfavorable, and material quantity variance is favorable.

Compute the total, price, and quantity materials variances.(Round per unit values to 2 decimal places, e.g. 52.75 and final answers to 0 decimal places, e.g. 52.)

If you could provide an explanation for how to figure out each step as well, that would be very appreciated.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!