genent industries, inc. (gii), developed standard costs for direct material and direct labor. in 2015, gii estimated the following standard costs for one of their major products, the 30-gallon heavy-duty plastic container. budgeted quantity budgeted price direct materials 0.30 pounds $20 per pound direct labor 0.20 hours $12 per hour during july, gii produced and sold 3,000 containers using 1,100 pounds of direct materials at an average cost per pound of $19 and 625 direct manufacturing labor hours at an average wage of $11.75 per hour. the direct material price variance during july is .

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09-12-2022
Business

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genent industries, inc. (gii), developed standard costs for direct material and direct labor. in 2015, gii estimated the following standard costs for one of their major products, the 30-gallon heavy-duty plastic container. budgeted quantity budgeted price direct materials 0.30 pounds $20 per pound direct labor 0.20 hours $12 per hour during july, gii produced and sold 3,000 containers using 1,100 pounds of direct materials at an average cost per pound of $19 and 625 direct manufacturing labor hours at an average wage of $11.75 per hour. the direct material price variance during july is .

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smecloudbird18 smecloudbird18 · Answer 1 · 2022-12-17T23:42:30-05:00

The direct material price variance during July is $100 unfavourable.

The direct material price variance during July is calculated by subtracting the budgeted price per pound of direct materials ($20) from the actual price per pound of direct materials ($19) and multiplying the difference by the actual quantity of direct materials used (1,100 pounds). Thus, the direct material price variance during July is (20 - 19) x 1,100 = $100 unfavourable.

When one quantity directly varies with respect to another quantity it is known as direct variation. This implies that if one quantity increases or decreases the other quantity also increases or decreases proportionately.

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