Information on Grand Corporations direct materials costs follows. Quantities of chemical Y purchased and used...
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Accounting
Information on Grand Corporations direct materials costs follows. Quantities of chemical Y purchased and used 20,100 gallons Actual cost of chemical Y used $ 429,500 Standard price per gallon of chemical Y $ 23.40 Standard quantity of chemical Y allowed 18,500 gallons Grand Corporation has no materials inventories. Required:
What were Grand Corporations direct materials price and efficiency variances? (Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option.)
Direct materials price variance
Direct materials efficiency variance
Record the purchase and use of chemical Y using standard costing.
Note: Enter debits before credits.
Event
General Journal
Debit
Credit
1
Answer & Explanation
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