1) When more materials are used than allowed for actual production this will result in an...

1) When more materials are used than allowed for actual production this will result in an unfavourable purchase price variance. TRUE or FALSE

2) MNO produces a single product. The standard production requirement for each unit requires 2 kilograms of a single material at a standard cost of $5 per kilogram. During the last year, MNO purchased 10,000 kilograms of materials at total cost of $52,000. Also last year, MNO manufactured 3,000 units of product using a total of 7,000 kg. What was the MNO's materials purchase price variance for the year?

3) MNO produces a single product. The standard production requirement for each unit requires 2 kilograms of a single material at a standard cost of $4 per kilogram. During the last year, MNO purchased 10,000 kilograms of materials at total cost of $54,000. Also last year, MNO manufactured 3,000 units of product using a total of 7,500 kg. What was the MNO's materials quantity variance for the year?

4) MNO produces a single product. The standard production requirement for each unit requires 2 kilograms of a single material at a standard cost of $5 per kilogram. During the last year, MNO purchased 10,000 kilograms of materials at total cost of $58,000. Also last year, MNO manufactured 3,000 units of product using a total of 7,000 kg. What was the MNO's materials purchase price variance for the year?

Expert Solution

ekkarill92 answered 2 years ago

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