Top Posters
Since Sunday
1
Home Q & A Board Other Fields Homework Help Business Accounting
New Topic  
bernie2981 bernie2981
wrote...
Go to Answer
Posts: 3810
Rep: 26 0
8 years ago
Tommy's Toys produces two types of toys: trains and dolls. Tommy's uses stainless steel to manufacture the trains and plastic to manufacture the dolls. Information regarding the usage of steel and plastic for the past year follows:

Product Names   Steel   Plastic
Direct materials information      
Standard pounds per unit   1 lb.   0.5 lb.
Standard Price (SP) per pound   $1.50   ?
Actual Quantity (AQ) used per unit   1.5 lbs.   0.75 lbs.
Actual Price (AP) paid for material   $1.25   $2.00
Actual Quantity Purchased (AQP) and used   2,500 lbs.   1,200 lbs.
Price variance   ?   $900 F
Quantity variance   $206 U   ?
Flexible budget variance   ?   $522 F
Number of units produced   275   550

What is the price variance for steel used to manufacture the trains?
A) $625 favorable
B) $625 unfavorable
C) $103 unfavorable
D) $103 favorable
Textbook 
Managerial Accounting

Managerial Accounting


Edition: 4th
Author:
Read 185 times
1 Reply
Replies
Answer verified by a subject expert
nucleinuclei
wrote...
#1
Top Poster
Posts: 2158
Rep: 418 0
8 years ago
Sign in or Sign up in seconds to unlock everything for free
More solutions for this book are available here
1

Related Topics

bernie2981 Author
wrote...

8 years ago
I appreciate what you did here, answered it right Smiling Face with Open Mouth
megan.xo
wrote...

Yesterday
This site is awesome
Fleury
wrote...

2 hours ago
this is exactly what I needed
New Topic      
Quick Reply
Explore
Post your homework questions and get free online help from our incredible volunteers
  1060 People Browsing
Start New Topic Take the Tour CoursesNew Study Tools Topics Trending Browse by Textbook
Live Chat
Related Images
  
 10199
  
 317
  
 185
Your Opinion
Who will win the 2024 president election?
Votes: 19
Closes: November 4
Previous poll results: Who will win the 2024 president election?