The Following Information Is Provided About Three Materials Utilized in the Production

question 67

Essay

The following information is provided about three materials utilized in the production of a product:
Material Standard Mix Standard Unit Price Standard Cost
X 2,500 units $3.00 per unit $7,500
Y 1,500 units 5.00 per unit $7,500
Z 1,000 units 4.00 per unit $4,000
Yield 4,500 units
During May, the following actual production information was provided:
Yield 30,000 units
Required:
Calculate the materials mix and yield variances.

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Definitions:

Changing Representation

The dynamic process of how entities, ideas, or phenomena are depicted or regarded over time.

Problem Solving

The act or process of identifying a challenge or obstacle and finding solutions or methods to overcome it.

Envision

The act of imagining or anticipating something that has not yet occurred.

Risky Decision Making

The process of making choices under conditions of uncertainty, often involving potential negative outcomes.