Required information [The following information applies to the questions displayed below.] Hart Company made 4,100 bookshelves using 23,000 board feet of wood costing $255,300. The company's direct materials standards for one bookshelf are 6 board feet of wood at $11.00 per board foot. (1) Compute the direct materials price and quantity variances incurred in manufacturing these bookshelves. AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price Actual Cost Standard Cost 0 $ 0 0 0 $ 0
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Standard Quantity (SQ) = 6 board feet Standard Price (SP) = $11.00 per board foot Standard Cost (SC) = SQ * SP Standard Cost (SC) = 6 * $11.00 Standard Cost (SC) = $66.00 So, the standard cost of materials for one bookshelf is $66.00. Show more…
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