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2) Calculating materials variances (25 points). Jackson, Inc. is a manufacturer of lead crystal glasses....

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Accounting

2) Calculating materials variances (25 points).

Jackson, Inc. is a manufacturer of lead crystal glasses. The standard direct materials quantity if 0.8

pound per glass as a cost of $0.30 per pound. The actual result for one months production of 6,900

glasses was 1.1 pounds per glass, at a cost of $0.40 per pound.

REQUIREMENTS:

1) Calculate the direct materials cost variance.

2) Calculate the direct materials efficiency variance.

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