Maxwell Co

question 168

Essay

Maxwell Co. collected the following information about its production activities for the current year.
a. Compute the direct materials price and quantity variances and indicate whether each is favorable or unfavorable.
b. Prepare the journal entry to record the issuance of direct materials into production.
Actual costs and quantities:
Direct materials used 95,000 lbs. @ $6.30 per lb.
Units completed during the year, 50,000 units
Standard costs and quantities:
Price per lb. of direct material, $6.05
Two lbs. of direct material per unit

---

Definitions:

Diverse Body

Refers to an entity composed of varied elements, such as a group of individuals from different backgrounds.

Subconscious Mind

The part of the mind that is not currently in focal awareness but influences thoughts, feelings, and actions.

Temperament

The aspects of an individual's personality, such as introversion or extroversion, that are considered to be innate rather than learned.

Perceived Injustice

The feeling or belief that one has been treated unfairly or has experienced unfairness in a particular situation.