Kartman Corporation Makes a Product with the Following Standard Costs

question 100

Multiple Choice

Kartman Corporation makes a product with the following standard costs:
In June the company's budgeted production was 3,400 units but the actual production was 3,500 units. The company used 22,150 pounds of the direct material and 2,290 direct labor-hours to produce this output. During the month, the company purchased 25,400 pounds of the direct material at a cost of $170,180. The actual direct labor cost was $57,021 and the actual variable overhead cost was $8,931.
The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased.
-The materials price variance for June is:

• A) $7,620 U
• B) $6,825 U
• C) $6,825 F
• D) $7,620 F

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Definitions:

Volume

The quantity of something, often measured in units, pieces, or amounts, used in various contexts such as sales, production, and trading.

Double-entry System

A system that records in appropriate accounts the dual effect of each transaction.

Double Line

This term is often used in accounting to denote totals or sums in financial statements, represented by drawing a double line.

Normal Balance

An account balance on the side where an increase in the account is recorded.