Use this information for Taylor Company to answer the questions that follow.

The following data are given for Taylor Company:

Overhead is applied based on standard labor hours.

-Standard and actual costs for direct materials for the manufacture of 1,000 units of product were as follows:Actual costs1,550 lb. at $9.10Standard costs1,600 lb. at $9.00Determine the direct materials
(a) quantity variance,
(b) price variance, and
(c) total cost variance.

Question

Use this information for Taylor Company to answer the questions that follow.
​
The following data are given for Taylor Company:
​
  Overhead is applied based on standard labor hours.
​
-Standard and actual costs for direct materials for the manufacture of 1,000 units of product were as follows:Actual costs1,550 lb. at $9.10Standard costs1,600 lb. at $9.00​Determine the direct materials 
(a) quantity variance, 
(b) price variance, and 
(c) total cost variance.​

Quizplus · Accepted Answer

The Answer of Use this information for Taylor Company to answer the questions that follow.
​
The following data are given for Taylor Company:
​
  Overhead is applied based on standard labor hours.
​
-Standard and actual costs for direct materials for the manufacture of 1,000 units of product were as follows:Actual costs1,550 lb. at $9.10Standard costs1,600 lb. at $9.00​Determine the direct materials 
(a) quantity variance, 
(b) price variance, and 
(c) total cost variance.​

Use This Information for Taylor Company to Answer the Questions