Question: Please help explain what im doing wrong here. Oxford Co. has a material standard of 2.1 pounds per unit of output. Each pound has a

Please help explain what im doing wrong here.

Oxford Co. has a material standard of 2.1 pounds per unit of output. Each pound has a standard price of $10 per pound. During February, Oxford Co. paid $57,220 for 4,840 pounds, which were used to produce 2,400 units. What is the direct materials price variance? A. $6,820 unfavorable B. $8,820 unfavorable C. $8,820 favorable D. $6,820 favorable

The answer is B. $8,820 U. This is how i did it- Direct Materials Price Variance = AQ x (SP - AP) AP= $57,220/4840 = 11.82 AQ= 4840 SQ= 2.1 x 2400 = 5040 DMPV= 4840 * (10 - 11.82) = - 8808.8

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!

QUESTION 12 Oxford Co. has a material standard of 2.1 pounds per unit of output. Each pound has a standard price of $10 per pound. During February, Osdord Co. paid $57,220 for 4,840 pounds, which...

part 2 part3 Oxford Co. has a material standard of 2.1 pounds per unit of output. Each pound has a standard price of $13 per pound. During February, Oxford Co. paid $57,300 for 4,890 pounds, which...

Please answer all of possible. 12. A standard cost system depends on which two types of standards? a. Quantity and price b. Quantity and efficiency c. Rate and price d. Rate and spending 13. A...

Oxford Co. has a material standard of 2.1 pounds per unit of output. Each pound has a standard price of $12 per pound. During February, Oxford Co. paid $57,500 for 4,870 pounds, which were used to...

Oxford Co. has a material standard of 2.1 pounds per unit of output. Each pound has a standard price of $10 per pound. During February, Oxford Co. paid $57,220 for 4,840 pounds, which were used to...

QUESTION 25 Oxford Co. has a material standard of 2.1 pounds per unit of output. Each pound has a standard price of $10 per pound. During February, Oxford Co. paid $57,220 for 4,840 pounds, which...

Oxford Co. has a material standard of 2.1 pounds per unit of output. Each pound has a standard price of $10 per pound. During February, Oxford Co. paid $57,220 for 4,840 pounds, which were used to...

Oxford Co. has a material standard of 2.1 pounds per unit of output. Each pound has a standard price of $18 per pound. During February, Oxford Co. paid $57,800 for 4,920 pounds, which were used to...

Oxford Co. has a material standard of 2.1 pounds per unit of output. Each pound has a standard price of $13 per pound. During February, Oxford Co. paid $57,300 for 4,890 pounds, which were used to...

Stock Splits and Stock Dividends Red Rocks Corporation (RRC) currently has 250,000 shares of stock outstanding that sell for $75 per share. Assuming no market imperfections or tax effects exist, what...

Life expectancy improved dramatically in the 20th century. The table gives the life expectancy at birth (in years) of males born in the United States. Use a scatter plot to choose an appropriate type...

A machine costing $ 3 , 0 0 0 must be replaced at the end of 8 years. The resale value of the machine at the time of replacement is $ 6 0 0 . At what annual discount rate ( compounded annually )...

Favourable environment. Particularly the proximity to the European Union, and potential membership within it, may provide favourable conditions for development. Yet Srica (1995) indicates that there...

an emphasis on long-term strategy rather than short-term profitability;

scarcity of labour owing to full employment in a planned economy, making an employee with poor performance better than a vacant job.