Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. lakewood inc. uses a standard cost system. materia

Lakewood Inc. uses a standard cost system. Materials standards are 7 components per widget at...

90.2K

Verified Solution

Question

Accounting

Lakewood Inc. uses a standard cost system. Materials standards are 7 components per widget at $9 per component. During August, Lakewood Inc. purchased 66,100 components for $591,200, using the components to produce 8,900 widgets. a. Calculate the direct materials price variance. (Do not round your intermediate calculations. Indicate the effect of variance by selecting "Favorable", "Unfavorable", or "None" for no effect (i.e., zero variance).) b. Calculate the direct materials quantity variance. (Indicate the effect of variance by selecting "Favorable", "Unfavorable", or "None" for no effect (i.e., zero variance).)

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

When a blood vessel is broken, a clot forms. Why does the clot form only at...

Medical Sciences
Q

Gillian and Eduardo had a baby girl they named Ava Frank insists that he is...

Biology
Q

A particle of mass M and charge q is released 18 from rest in a...

Physics
Q

TO O 2 Let A 1 2 1 0 3 a Find A using the...

Basic Math
Q

At age 35, Clarence earns his MBA and accepts a position as a vice president...

Calculus
Q

How much should be invested now at an interest rate of 6 per year compounded...

Algebra
Q

6 2 2 8 4 V 10 2 2 1 6 V6 13 26X2 5...

Algebra
Q

Logistics Solutions provides order fulfillment services for dot.com merchants. The company maintains warehouses that...

Accounting
Q

Jung Farms exports wheat to Germany. The company entered into the following transactions: November 15,...

Accounting
Q

The December cash records of Davidson Insurance follow: (Click the icon to view the checkbook.)...

Accounting
Q

Horton Stores exchanged land and cash of $5,600 for similar land. The book value and...

Accounting
Q

True-False questions: The role performed by banks in the economy in which they transform...

Finance