Question: need help on this. please give me explanation on how to do this problem. Question 1 1 pts Page 453, PB 5 Illinois Company is

need help on this. please give me explanation on how to do this problem.
need help on this. please give me explanation on how to do
this problem. Question 1 1 pts Page 453, PB 5 Illinois Company

Question 1 1 pts Page 453, PB 5 Illinois Company is a medium-sized company that makes dresses. During the month of June, 8,575 dresses were made. All material purchases were used to make the dresses. The company had this information: standard per dress of 6 yards of material at $6.20 per yard. The actual quantity was 52,000 yards at a cost of $325,520. Compute the direct materials price variance, the direct materials quantity variance, and the total direct materials cost variance. What is the price variance? (enter positive for favorable, negative for unfavorable). Question 2 1 pts Page 453, PB 5 Illinois Company is a medium-sized company that makes dresses. During the month of June, 8,575 dresses were made. All material purchases were used to make the dresses. The company had this information: standard per dress of 6 yards of material at $6.20 per yard. The actual quantity was 52,000 yards at a cost of $325,520. Compute the direct materials price variance, the direct materials quantity variance, and the total direct materials cost variance. What is the Use/Quantity Variance? (enter positive for favorable, negative for unfavorable)

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!