Jaw Titan Company established a standard direct material cost of Php30 per finished unit for its main product. The standard is calculated using direct material of 6 pounds and a standard rate of Php2.50 per pound. For the month of July, Jaw Titan expected to produce 48,000 units. During the month, Leo purchased and used 260,000 pounds of material and produced 46,500 finished units. The actual price paid per pound was Php2.70. What was the material price variance for the month of July?

Jaw Titan Company established a standard direct material cost of Php30 per finished unit for its main product. The standard is calculated using direct material of 6 pounds and a standard rate of Php2.50 per pound. For the month of July, Jaw Titan expected to produce 48,000 units. During the month, Leo purchased and used 260,000 pounds of material and produced 46,500 finished units. The actual price paid per pound was Php2.70. What was the material price variance for the month of July?

Name: Jaw Titan Company established a standard direct material cost of Php3
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Description: Jaw Titan Company established a standard direct material cost of Php30 per finishedunit for its main product. The standard is calculated using direct material of 6 poundsand a standard rate of Php2.50 per pound.For the month of July, Jaw Titan expec

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter6: Activity-based, Variable, And Absorption Costing

Section: Chapter Questions

Problem 6PA: Box Springs, Inc., makes two sizes of box springs: twin and double. The direct material for the twin...

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