Standard and Actual Costs for Direct Materials for the Manufacture

question 88

Essay

Standard and actual costs for direct materials for the manufacture of 1,000 units of product were as follows:
Determine the (a) quantity variance, (b) price variance, and (c) total direct materials cost variance.

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Definitions:

Concrete-Abstract

Refers to the continuum from concrete, tangible concepts to abstract, theoretical ideas or principles.

Recall

The act of retrieving information or events from memory without the explicit cues provided for in recognition tasks.

Snail

A slow-moving, terrestrial or freshwater mollusk with a soft, unsegmented body encased in a typically spiral shell.

Caterpillar

The larval stage of a butterfly or moth, characterized by its segmented body and growth through molting.