Seaside Company\'s flexible budget, based upon the number of equivalent units pr

Question

Seaside Company's flexible budget, based upon the number of equivalent units produced, called for the use of 5,000 square yards of fabric at a standard cost of $2.10 per square yard. The Production Department actually used 5,200 square yards costing $1.95 per square yard during June.

13. Refer to the information above. The materials price variance for Seaside Company for June is:

The materials quantity variance for Seaside Company for June is:

Answer

The journal entry to record the cost of direct materials used in March includes:Answer

With respect to materials costs, the supervisor of the Production Department should be held responsible for:Answer

A) $780 favorable. B) $360 favorable. C) $420 unfavorable. D) $750 favorable.

Explanation / Answer

C) $420 unfavorable.

B) $390 unfavorable.

D) A credit to Direct Materials Inventory of $10,500.

D) An unfavorable cost variance of $420.

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